India’s rich are growing in numbers, but why luxury car sales aren’t. (Think value-seeking buyers)
Synopsis
Relatively well-off Indians are mostly buying cars priced between INR20 lakh and INR25 lakh made by premium but non-luxury brands. BMW and Mercedes are losing potential customers to top models of Kia and Toyota. The main problem is that the economics of luxury cars are caught in a negative loop.
India’s richie rich are growing.The number of people disclosing income of INR1 crore and above has surged 60% to 131,000 in FY22 from 81,000 in FY18, according to data from the finance ministry. The actual number of people who are making INR1 crore a year could be even higher than what’s disclosed in the income tax filings. The majority of the people on the list are salaried individuals. Professionals and business owners are under-represented in
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