New Delhi: As more Indians grow wealthy, they are also becoming more demanding in their tastes, a report by a major credit card company said on Thursday.
Buoyed by India's booming economy, many more people have become affluent in recent years and the already rich have become wealthier, said Rob Henin, the head of American Express' India operation.
The company authored the informal study to learn how best to cater to this high-end group.
According to the report, one main trend indicates that India's rich are very brand conscious, so that their status as affluent be immediately obvious to others.
There was also competition between the wealthy for higher status, the report said.
"Once consumers buy something, they are determined to have the best available," said Henin.
The study also found that, for the affluent, it is important to be first to acquire new status symbols.
However, because so many luxury brand names have opened in India in recent years, giving so many more access to these products, the wealthy are turning to custom-made products to preserve their social edge, the report said.
The report also identified a trend to blend global luxury with local Indian ideals.
''The wealthy Indians are very proud of India and Indian heritage,'' Henin said.
Finally, the survey showed that India's upper classes were becoming increasingly uncompromising in their demands for the best.
According to figures cited in the report, there are 711,000 individuals with liquid assets worth more than $100,000 in India.
That number is expected to rise to 1.1 million in the next three years.
India's economy has grown rapidly since the implementation of economic reforms in the early 1990's and has been growing at a rate of some eight per cent a year.
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