Indian Gold Book:Indian Gold Book - Gold Bars Worldwide

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