Premiumization Narrative Ignores India's Broader Economic Struggles

Premiumization story only captures a small part of the Indian economy - most consumers are struggling with high inflation and slow income growth

While indicators like air travel, iPhone sales are rising, rail travel, rural demand remain subdued

Increase in speculative investing through derivatives doesn't signify premiumization

Rising credit card debt and lower household savings show some premium purchases being debt-funded

Premium real estate purchases infinitesimal compared to India's 280 million households - premiumization narrative ignores broader economy