India is saturated with millionaires. Newly wealthy Indians are creating a luxury car market boom, enticing many luxury car companies to open operations there. Aside from luxury cars, what items are India’s super rich buying these days?
In a study conducted by Kotak Wealth Management, the newly wealthy folks in India are buying customized holiday packages, luxury watches, diamonds and jewels and home electronics (smartphones and high-end cameras)…in that order. I assume that Indians also splurge on exotic car rentals while on holiday, especially in destinations like Miami and South Beach!
Wealthy Indians are spending buckets of money on luxury cars, but not extremely exotic models like Ferraris or Lamborghinis, as you would expect. Sales for Honda, Toyota, BMW and Mercedes are actually higher than supercar sales in India.
This study also estimates that India is home to about 62,000 super-rich households, for a total accumulated wealth of around $1 trillion dollars. This estimated wealth is anticipated to grow by $5.3 trillion over the next five years, which explains why luxury brands are eager to snag a cut!
Private aircraft and luxury yachts are also increasing in popularity among India’s rich, though infrastructural problems like ports and berthing are a setback for some.
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Post by Imagine Lifestyles Luxury Rentals