BENGALURU, April 20 -- Wealthy Indians are spending more overall, but a smaller share of that spending is going to retail stores selling goods like clothing and gadgets.

As incomes rise for affluent households, they are increasingly spending on travel, fine dining and curated experiences such as concerts and wellness retreats, even as they continue to purchase high-value premium goods.

In response, retailers are accelerating efforts to add experiential formats, from curated in-store services to immersive store environments, as they strive to stay relevant in a consumption landscape increasingly driven by engagement rather than transactions.

New data from Visa Consulting & Analytics (VCA), shared with Mint, shows retail's share of walle...