‘If you have got it, splurge it’ seems to be mantra for India’s ultra rich. Recession or no recession, HNIs are spending the most on jewellery and apparels. Interestingly, most HNIs consider the two categories as part of their discretionary spend, a distinct change over the years. The changing attitude is also reflected in Kotak’s Top of the Pyramid 2015 report, which states that HNIs could not make up their mind whether passion investments (such as buying vintage spirits, art and paintings) was discretionary or non-discretionary spend. Now, let’s raise a toast to that.