The India Street Luxury Report
Higher incomes, exposure to Western materialism, NRI influences and high speed internet access are rapidly changing the India’s consumer behavior. Luxury apartments in gated communities are becoming the residential trend of choice with the Nouveau wealthy. The gated cities provide a predictable and safe haven for the unrestrained and unmanaged life on some of the India streets.
I was surprised to hear that Ludhiana (in the state of Punjab, India) has the highest per capita ownership of Mercedes cars. I would have guessed Mumbai or Delhi, but for some reason this small city leads the pack in luxury vehicles.
Luxury fine art has brushed into the India luxury market as of late and there are some that are trying to help you capitalize on it. Philip Hoffman (a former deputy managing director of Christie’s – one of the largest art auctioneers) runs an Art Fund called Fine Art Management Services (FAMS). The fund invests in Indian contemporary art and requires a buy in of $100,000. We recommend you take a look at funds like these although in difficult times they are not wise to hold. The high end art market is usually a safe investment but investing in fine art is a risky venture due to the whims of art preferences.
Speaking of art, the opening of Shringar Group’s Fame Cinema at Dahisar (outside of Mumbai) was a huge hit. The American film Rush Hour 3 was shown and guests were treated to on call seat service, fully reclining chairs and a comfortable atmosphere (Fame Dahisar provides 44 pure leather, 150 degrees plush recliners, complete with butler and on call seat services). I’ll remind our readers outside of India that luxury in the movie theater is a thing of the past. However in India, they are bringing back the best of the luxurious past.
Like other emerging markets that are coming into new wealth, Indians have a liking for the foreign brands. Most companies would like to leverage that trend and provide opportunities to cash in. DLF believes they can cash in by building the forthcoming luxury mall that will hold the world’s top luxury brands. So far, luxury vendors like Cartier, Ferragano, Gucci, Prada, Armani, and Louis Vuitton have signed on.
According Technopak in a 2006 luxury trend study in India, Indians spend the most money on jewelry followed by designer wear and digital accessories. The number of Indian homes earning more than $110,000 (Rs 45000lakh/annum) is about 1.6 million and rising.
- The Editor
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