What do India’s ultra-wealthy spend their money on?Nevertheless, which brands are favoured by India’s wealthy?
India’s wealthy elite are using their financial resources to live life to the fullest in a nation where the top 1% of the population owns 33% of the nation’s wealth, per the Global Inequality Report 2022. The country’s ultra-high net worth people (UHNIs) are becoming younger each year, which is changing their needs and tastes.
According to data compiled by the Hurun Research Institute for the Hurun Global Forty and Under Self-Made Billionaires, there are 40 self-made billionaires under the age of 40 in the world. The entrepreneurs were classified as having worth of more than Rs 1,000 crore in India’s 40-and-under Self-Made Rich List 2021. Rich Indians are obviously more concerned with spending money on themselves and their loved ones than anything else.
Rich people in India continue to favour Mercedes-Benz above other car brands. Range Rover and Rolls-Royce are closely behind. Yet, the survey found that most respondents have a preference for Lamborghini when it comes to sports automobiles. Also, respondents admitted that they typically trade in their cars every four years.
It should come as no surprise that Taj continues to be the hotel of choice, with Oberoi and Leela close behind.
Similarly, Rolex is the most popular watch brand, with 63% of respondents saying they possess at least four expensive timepieces. Some popular watch brands are Cartier and Audemars Piguet.
According to Hurun India Wealth Report 2021 respondents, Louis Vuitton is the most chosen luxury goods brand, followed by Gucci and Burberry, while Tata-owned Tanishq is the clear choice when buying jewellery.
According to the study, those who can afford it favour Gulfstream over Boeing and Airbus.
According to Anas Rahman Junaid, the chief researcher of Hurun India, several of the companies that the study respondents preferred the most do not have a physical presence in India.
The Hurun Indian Luxury Consumer Survey 2021, which was just released, provided information on the brand preferences, consumption patterns, and lifestyle trends of Indian millionaires. 350 Indian millionaires (those with personal wealth of at least $1 million or Rs. 7 crore) were polled for the research.
A few of the report’s major highlights are listed below:
●Nearly 70% of respondents said they preferred to send their kids to higher education abroad. The US (29 percent), the UK (19 percent), New Zealand (12 percent), and Germany are the top countries for millionaires in India to pursue higher education (11 percent).
●With 63 percent of the respondents owning at least four watches, watch collecting is the most popular pastime. Rolex, Cartier, and Audemars Piguet are the three luxury watch brands that Indian millionaires most frequently purchase.
●Every three years, one-fourth of the respondents purchase a new vehicle.
●In that precise order, preferred luxury brands are Mercedes-Benz, Rolls-Royce, and Range Rover. Lamborghini is the most popular luxury sports vehicle manufacturer.
●Indian millionaires favour the Taj hotel chain, then Oberoi and Leela.
●Tanishq is the most popular Indian jewellery retailer.
●Indian millionaires choose Louis Vuitton, followed by Gucci and Burberry, when it comes to living a luxurious lifestyle.
●Indian millionaires choose flying on Gulfstream aircraft, then Boeing and Airbus.
In a press statement, Anas Rahman Junaid, MD and Chief Researcher of Hurun India, stated:“India is home to one of the fastest-growing affluent households in the world and hence, the next decade presents a meaningful opportunity for luxury brands and service providers to enter and further strengthen presence in India. It is interesting to note that some of the most favoured brands of the survey respondents do not have a physical presence in India.”