India remains the second fastest growing luxury market right behind China. The future outlook for India’s luxury lifestyle is expected to grow even more. Super rich consumers in India love luxury brands and smart luxury brands should pay close attention how to engage this goldmine audience.
Charu Sachdev Farah Khan Ali
The number of ultra high networth households (ultra HNHs) in India has grown 30 per cent to 81,000 in 2011-12; to more than triple in the next five years to 286,000.
Total net worth of Indian ultra HNHs to grow five-fold to Rs 318 trillion by 2016-17. In 2011-12, metros accounted for 53.9 per cent of ultra HNHs in India.
Ultra high networth individuals (Ultra HNIs) have not curtailed expenditure on luxury items in the current economic slowdown to maintain lifestyle; caution seen in investments. Exclusivity a key factor in luxury car purchases; SUVs/Crossovers the most preferred car.
These are the findings of the second edition of the ‘Top of the Pyramid’ report
launched by Kotak Wealth Management and Crisil Research. The report reveals interesting facts and trends about spending, investing and income patterns of India’s ultra high networth households (ultra HNHs) amidst global uncertainty and slowdown in the Indian economy. Additionally, the special focus areas of the report are luxury cars and education.