India‚Äôs New Affluents Redefine the Luxury Segment
Jul 23, 2013

India’s rapid advance from an emerging to a developed economy has given rise to a new breed of luxury consumers, a highly opinionated and demanding set of consumers, which is heavily influenced by global tastes and beliefs. India’s New Affluents, while retaining a distinctly Indian identity, are redefining the market, taking marketers by storm. This is the preeminent conclusion of a highly engaging roundtable discussion organized by Tata Housing Development Co. Ltd., India’s fastest growing real estate development company.

According to the Boston Consulting Group, the numbers of affluent class are around 13 million households in India. Among affluent households, education and occupation help define consumption patterns and attitudes, creating two distinct segments: New and Traditional. The recent emergence of the affluent class in India highlights this demographic group’s obsession with the love for technology, high living and new-age affluence – in a nutshell, an opulent lifestyle. This has led to conversation amongst manufacturers and marketers on who these ‘affluents’ are and why their consumption habits are of relevance to India.

According to the panel, India’s New Affluents will not simply mimic western spending patterns but retain distinctly Indian characteristics; a type of jugaad that marries affluence with aspirations, with a strong focus on the former.


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