India's Wealthiest City Soars: Mercedes-Benz Hurun India Report Highlights Mumbai's Millionaire Boom
In the world of luxury, India is making its presence felt. Let's delve into the latest trends shaping this exciting market.
Emirates, the preferred airline for luxury travel, soars high above the competition. Meanwhile, in the realm of luxury accessories, Gucci and Louis Vuitton reign supreme. Rolex, on the other hand, leads the luxury watch market, while Tiffany & Co. captures the top spot as the preferred international jewelry brand in India.
When it comes to automobiles, the luxury car penetration rate in Mumbai mirrors that of developed markets, standing at a notable 5%. Tanishq, India's most preferred jewelry retailer, offers a local touch to this global market.
The digital landscape is witnessing a significant shift. A notable 27% of individuals feel INR 50 crore is enough to attain financial freedom, while 20% believe they need INR 200 crore. Interestingly, 25% of respondents cite INR 10 crore as the amount needed to feel financially free.
The pandemic has brought about a transformation in the luxury industry. Price transparency has increased, and there's been a shift away from traditional push sales models. This digital revolution has seen a significant number of luxury consumers increasingly engaging with digital platforms for research and purchases.
The number of millionaire households in India is on the rise, but the country trails behind China and the US in this regard. Mumbai, however, is home to the largest number of Indian millionaires. Approximately 45% of individuals are moving into the "upward mobility" bracket.
The luxury hospitality market is led by Taj Hotels, offering an unparalleled experience. The App, available for download, offers real-time updates, allowing users to save their favourite articles. Subscribing to the Newsletter provides the latest insights and analysis.
It's worth noting that the Prohibited Content Policy applies to comments. However, the search results do not contain information about the founder and lead researcher of Hurun India, a notable omission in this vibrant landscape.
In conclusion, the luxury market in India is evolving, with a growing number of millionaire households and a shift towards digital platforms. Emirates, Gucci, Louis Vuitton, Rolex, Tiffany & Co., Tanishq, Taj Hotels, and The App are key players in this exciting journey. As we move forward, it will be fascinating to see how this market continues to grow and adapt.
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