Frugality is not for the rich and that is amply evident in the way the ultra HNIs continue to splurge. Most spending categories have seen an increase. Jewellery, apparel, and electronics continue to be at the top of the shopping list, accounting for nearly 50% of total spend. According to Kotak Wealth Top of the Pyramid report, 64% ultra HNIs were impulsive buyers when it came to apparel and accessories. Holidays and home décor were the next big ticket items on the list. HNIs are living life to the hilt and deservedly so.
