Over the past few years you must have noticed the number of luxurious brands coming into the country. While some might say this is because of India standing strong against other economies around the world, others might have another theory to it. Whichever the case, the rapidly rising and developing economy of India has has given rise to a new breed of customers who are highly opinionated and are looking to live luxurious lives, influenced by global tastes and beliefs. These set of individuals, we like to call, the New Affluents.
The New Affluents, while retaining a distinctly Indian Identity, are redefining the market, taking marketers by storm. The Boston Consulting Group has pegged the number of affluent class around 13 million households in India. They love technology, high–living and new-age affluence – in a nutshell, an opulent lifestyle.
While the affluents represent only about 2% of the 240 million total Indian households, their consumption accounted for 16% of India’s overall consumption of US$991 in the year 2010. Studies also show that in 2011, 20% of the affluent spends were on housing and consumer durables, while 17% were on food. A study by Nielsen suggests that the number of affluent Indians regularly shopping at modern stores doled to 36% in 2012 from a mere 18% in 2007.
With an audience like this, there is bound to be changes in the real-estate scenario as well. These are the audiences looking for a better lifestyle of living in lavish and luxurious homes to go with their persona. This has seen a change in the upcoming properties in cities as well. The city of Bangalore is one such example.
Bangalore was transformed into the Silicon Valley of India, as over 500,000 well paying jobs for young college graduates were created. This lead to a boost in the city’s lifestyle. The demographics of the city completely changed with new campus-style office parks sprouting, vast shopping malls thriving and streets becoming crowded with new cars. This also lead to an uptrend in capital values for both mid and high-end properties.
Based on these findings, Tata Housing Development Co. Ltd. held a round table conference in Bangalore to understand and come up with better solutions in marketing for this class of individuals. The discussion was compiled by an array of experts representing different fields to throw light on their areas of expertise.
Read more about the discussion on http://bit.ly/16Zgp8h