Possibly, though India's savings rate is also >30%, whereas the US's savings rate is ~5%. Median American family retires with like less than one year of income saved up...
Much harder to throw money at luxuries when you're saving a lot.
Much harder to throw money at luxuries when you're saving a lot.
I think this misses the larger point that Indians overall don't have that much money in hand to spend on luxuries.
I believe GNI per capita ppp [1] is the right comparison. (someone please correct if I'm wrong.) For india thats ~ $6K whereas for the US its ~ $57.5K, almost 10 times. (Also while the savings rate is more, the actual amount saved looks greater for the US.)
I think the parent is right, grand parent just proves the point of the article.
[1] https://en.wikipedia.org/wiki/List_of_countries_by_GNI_(PPP)...