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According to Business Standard, the economic meltdown is but a pebble in the path of the ultra rich HNI sect in India. From exuberant Australian vacation-spends totaling an average of Rs 3.37 lakh, to dolling out the big bucks on swanky Rs 2 crore Aston Martins—you can put a price on what the heart desires, but for the rich club it’s all a matter of ‘what one wants, one must have’.
How else does one explain people footing Rs 30 crore and above, for under construction residential apartments in Mumbai’s Bandra-Kurla complex?
While CRISIL figures indicate that the number of HNI’s in India are set to triple over five years, it puts things into perspective when we gauge how an influx of demand for luxury products has been seen, not just from the predictable Tier-1 cities, but in the Tier-2 markets as well.
As we had mentioned previously, the rich girl’s club is also an integral part of this sea of change. From expensive wine tasting and spa sessions, to holidaying in Barcelona in Spain, the new breed of affluent Indian women—we’re looking out you career girl—will stop at no cost.
With the FDI in retail opening up, staggering sales figures are expected, especially in the luxury brand space. A number of international designers are now looking at India as the new ‘it’ destination, owing to the spending trend and disposable income of the money loaded Indian.
Where FDI ends, Indian brands takeover—take cue from the Timex group. Responsible for bringing international luxury brands like Ferragamo and Versace to India, MD, VD Wadhwa, leaves us with a glimpse of the optimistic future “Having understood that the target audience of luxury brands are an amalgamation of achievers and aspirational buyers, it is easier for them to enter India because even if the achievers group may count low, the aspirational group is ever increasing. The jet-setting consumer of luxury is a guilt-free shopper. He is fresh, successful, ambitious and career-driven”.
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