Sales of luxury products in the country are creating new records. Market data shows that the sales of luxury cars increased by 50% in one year. Expensive smartphones, big TV-fridges all had 55-95% more sales. The market for Swiss watches also doubled. In contrast, the rate of growth in sales of essential items like toothpaste, hair oil, soap was very low or negative. Cheap mobiles used in low income group were sold less. Sales of two-wheelers also did not increase.

The organizations working on savings and expenditure have told the shocking reality. According to him, the impact of Kovid-19 and the lockdown did not affect the top 20% income group much. That’s why he started buying luxury products as soon as the market opened, but the lower 20% section has not yet recovered. He is also buying essential items after thinking. It may take another year for him to recover from the shock. Also, this pace of sale of luxury products may not be sustained.

The expenses of the rich increased because

Empty pockets of low income earners

Lifestyle product sales may decline
Rajendra Shukla, MD & CEO, Price New Delhi, said that it would take another year for the lowest income group to recover from this situation. Also, the sales of lifestyle products will not be the same next year. There may also be a decrease in this.