In the heart of India's booming economy, a new consumer cohort is emerging, quietly but decisively reshaping the nation's consumption patterns, particularly in the realm of fashion and apparel.
They are the ‘HENRYs’ or High Earners, Not Rich Yet.
Who are the HENRYs?
The HENRYs are typically young professionals, often in their late 20s to mid-40s, with substantial disposable incomes but not yet possessing the accumulated wealth of the truly affluent. They are the tech wizards, the financial analysts, the marketing mavens, and the entrepreneurial spirits driving India's modern economy. They possess a keen awareness of global trends, are digitally savvy, and place a high value on experiences and personal expression.
This demographic's growing influence stems from several factors. First and foremost is increased disposable income. India's growing tech sector and rising middle class have created a pool of young professionals with significant purchasing power.
HENRYs are deeply embedded in the digital world, influencing and being influenced by online trends, social media, and e-commerce platforms.
More than just material possessions, HENRYs seek experiences, prioritizing travel, dining, and lifestyle enhancements. And while they have money to spend, they are not frivolous. They seek value for their money, opting for quality and authenticity over conspicuous consumption.
HENRYs and the transformation of Indian consumption
The impact of the HENRYs is particularly noticeable in the fashion and apparel industry. In fact, the Household Consumption Expenditure Survey (HCES) conducted by the Ministry of Statistics and Programme Implementation (MoSPI), provides some crucial insights into Indian household spending.
The surveys highlight a clear trend of increasing expenditure on non-food items, particularly in urban areas.
This aligns with the HENRYs' preference for experiences and lifestyle enhancements. As shown in the HCES data, non-food items remain the major contributor to the household's average monthly expenditure in 2023–24, with about 60 per cent share in MPCE in urban areas. This highlights that spending on things such as clothing and durable goods is rising.
Shift towards premium and sustainable brands: HENRYs are moving away from mass-market brands and embracing premium and sustainable options. They value quality craftsmanship, ethical sourcing, and unique designs. There is increased interest in brands that have good ESG practices.
In fact, the growing presence of international and domestic premium brands in India, especially in major cities, indicates the growing demand from affluent consumers like the HENRYs.
Emphasis on personal style: They are less concerned with following traditional fashion norms and more focused on expressing their style. This has increased demand for personalized apparel, bespoke tailoring, and curated fashion experiences.
The influence of digital platforms: Social media platforms like Instagram and online fashion retailers play a crucial role in shaping HENRYs' fashion choices. Influencer marketing and online fashion communities are highly influential.
Blending of global and local: HENRYs are comfortable blending global fashion trends with traditional Indian aesthetics, creating a unique and dynamic fashion landscape. They are also increasing the demand for Indian designers that are producing high quality goods.
Thus, the HENRY cohort is not just a passing trend; it represents a fundamental shift in India's consumer landscape. As their influence grows, they will continue to drive innovation and transformation across various sectors, with fashion and apparel leading the charge.
