Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
Indian Gold Book:Indian Gold Book - Gold Bars Worldwide
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POPULATION<br />
HOUSEHOLDS - SPLIT BY SOCIAL CLASS<br />
Social Class Millions of households % Split of households<br />
TOTAL 1994-95 2001-02 2006-07 1994-95 2001-02 2006-07<br />
High 4.6 12.1 22.7 2.9 6.7 11.4<br />
Upper Middle 7.0 13.6 21.4 4.4 7.5 10.7<br />
Middle 18.0 23.6 36.6 11.2 13.0 18.4<br />
Sub-total 29.6 49.3 80.7 18.5 27.2 40.5<br />
Lower Middle 44.9 72.2 78.5 28.0 40.0 39.4<br />
Low 86.1 59.4 39.9 53.6 32.8 20.0<br />
Total 160.6 180.7 199.2 100.0 100.0 100.0<br />
URBAN<br />
High 2.7 7.8 15.8 6.0 14.8 26.2<br />
Upper Middle 3.9 7.7 13.7 8.7 14.6 22.7<br />
Middle 8.4 12.9 15.3 18.8 24.6 25.4<br />
Sub-total 15.0 28.4 44.8 33.5 54.0 74.3<br />
Lower Middle 14.8 17.2 13.6 33.1 32.8 22.6<br />
Low 14.9 6.7 1.7 33.3 12.7 2.8<br />
Total 44.7 52.4 60.1 100.0 100.0 100.0<br />
RURAL<br />
High 1.9 4.3 7.0 1.6 3.3 5.0<br />
Upper Middle 3.1 5.8 7.6 2.7 4.5 5.4<br />
Middle 9.6 10.6 21.3 8.2 8.2 15.3<br />
Sub-total 14.6 20.7 35.9 12.5 16.0 25.7<br />
Lower Middle 30.1 55.0 65.0 26.0 42.8 46.7<br />
Low 71.1 52.6 38.2 61.3 40.9 27.4<br />
Total 115.9 128.3 139.1 100.0 100.0 100.0<br />
Source: National Council of Applied Economic Research (NCAER), New Delhi. Social classes are expressed in terms of annual income in rupees at<br />
1994-95 prices. Low (up to 22,500), Lower Middle (22,551-45,000), Middle (45,001-70,000), Upper Middle (70,001-96,000) and High (above 96,000).<br />
Income levels and grouping are approximate and indicative only as figures do not take into account the underground economy. Large retailers<br />
generally describe the “Middle Class”, in their view, as starting at the Rs 15,000 (US$ 300) per month level.<br />
There are 181 million households in India.<br />
The household category is important as jewellery purchases are normally the outcome of a family decision.<br />
Retailers stress the importance of the emerging “middle class” to jewellery consumption.<br />
Although NCAER estimates are indicative only, urban households account for 58% of the 49 million Middle Class and above<br />
households, rural for 42%.<br />
Since 1994-95, the number of urban households in this category has grown by 90%, the number of rural households by<br />
40%.<br />
Retailers also stress that many households cannot afford to buy much gold. 26% of the population is recorded<br />
at below the poverty line.<br />
AN INTRODUCTION TO THE INDIAN GOLD MARKET 41