Have Money, Will Spend: India's Roaring Luxury Market
Rich Indians are on a spending spree. What began last year as revenge spending—as the pandemic gradually came under control and lockdowns were lifted—has now turned into a strong trend with Indians splurging on sprawling residences, lavish holidays, jewellery, watches, fine dining and more. So much so, that Euromonitor International estimates the luxury goods market—which includes personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury—to bounce back, after the setback caused by the pandemic, to over Rs 50,000 crore by 2024 from around Rs 46,000 crore in 2022.
The reasons for this are not far to seek. Stock markets have been on the rise, and a new pack of young business owners has emerged, with the valuations of their enterprises soaring. Wealthy GenZ buyers are now making a beeline for high-end stores. They are keen to splurge, and spend the big bucks right now. There’s also a surge in the number of Indian ultra high net-worth individuals (UHNIs)—those with net worth of $30 million or more. According to estimates by Knight Frank, India’s UHNI population has risen 11 per cent between 2020 and 2021, and is expected to grow by as much as 39 per cent between 2021 and 2026. These UHNIs are big spenders, and are powering the Indian luxury market.
In this definitive special issue on luxury, helmed by Smita Tripathi, we bring you all aspects of it. From the best restaurants, the finest holidays, the ultimate movie-watching experiences, the latest trends in luxury auto and real estate, to how the affluent are increasingly opting to fly by private jets, this issue brings you a 360-degree view of all things luxury. And, of course, we get you the pick of the finest in watches and, yes, even sneakers! Do also read Sakshi Batra’s fascinating story on Mohanjeet Grewal, the original grande dame of Indian high fashion, and check out Bandeep Singh’s stunning photo essay.
As the Indian luxury market roars ahead, global giants are also planning big moves to get a slice of this lucrative pie. Storied Italian jewellery giant Bvlgari—now a part of the LVMH group—recently appointed Indian movie star Priyanka Chopra Jonas as its global brand ambassador, and, with her inputs, has come up with its version of the mangalsutra. And, as Bvlgari’s Group CEO Jean-Christophe Babin tells us, the company is also in the process of upping the number of its jewellery stores in India.
The luxury package aside, I would also urge you to read Udayan Mukherjee’s interview with Harsh Mariwala, Chairman of fast-moving consumer goods (FMCG) company Marico. Mariwala talks about his entrepreneurial journey, succession planning, and taking on competitors like Gautam Adani. Speaking of FMCG, there’s also Arnab Dutta’s story on how the country’s biggest FMCG companies are now using technology and digital in a major way to penetrate new markets and improve efficiencies. There’s lots to munch on in this issue. So, go ahead and indulge!
