Richie wives, richer savings

They shop till they drop. Or so said the critics. But a recent trend about wives of the richie rich can prove critics wrong. The trend indicates that women who have rich husbands spend less and save more than their spouses. And it’s official.
A study conducted by KSATechnopak, a management consultancy firm covering some Indian cities, points out that spending by women decreased at a faster pace than men in 2002-2003 as compared to the past few years.And this figure is decreasing every year.While savings by women were up by 18 per cent in 2001 as against 2000, in 2002 it further went up.
“In 2001, we observed that savings by women went up by around 10-15 per cent in Kolkata. Men saved four per cent less during the same period and in 2002 the savings by women, particularly whose husbands are in the high-income bracket, went up more and now it stands around 20 per cent as compared to 2000,� said a senior official, KSA-Technopak.
“Earlier, it was the women who spent more than the men. Lots of men came up with the complaint that they couldn’t stop their wives from spending huge sums on shopping and other things. But now the scenario is different. Women are more intelligent now and want to save money for the future,� said Dr Anirban Mukherjee, a city psychologist.
“Previously I used to buy lots of things for me and my family regularly, now I rarely spend much money on shopping. Instead I am trying to save more,� said Neha Prasad, a home-maker.
“Prior to recession, women were responsible for pulling up spending. In fact, till 2000, spending by women on discretionary items grew by 12-15 per cent each year. But the figure started to dip from 2001,� said H. Mathur, senior consultant, KSATechnopak.
“Now I am spending much less in organising kitty parties and on shopping for pleasure items.Now I have to look after the savings, which is very essential and my husband is not very concerned about this,� said Molly Majumdar, wife of a chartered accountant.
“Another reason behind this is women are becoming more and more conscious about their husbands’ income and a feeling of insecurity is compelling them to save more for the future,� added Dr Mukherjee.
subhra.sircar@timesgroup.com