Indian millionaires splurge on Taj, Tanishq, Rolex, Mercedes-Benz: Report
Some of the most favoured brands of the survey respondents do not have physical presence in India, noted Anas Rahman Junaid, the Chief Researcher at Hurun India.
The recently released Hurun Indian Luxury Consumer Survey 2021 offered insights on the brand preferences, consumption habits and lifestyle trends of Indian millionaires. The report surveyed 350 Indian millionaires (individuals with personal wealth of at least $1 million or Rs 7 crore).
Here are some of the key highlights from the report:
- About 70 percent of the respondents prefer to send their children abroad for higher education. The most preferred education destination of millionaires in India includes the US (29 percent), the UK (19 percent), New Zealand (12 percent), and Germany (11 percent).
- Collecting watches is the preferred hobby of most, with 63 percent of the respondents owning at least four watches. The preferred luxury watch brand of Indian millionaires is Rolex, followed by Cartier and Audemars Piguet.
- One-fourth of the respondents buy a new car every three years.
- Preferred luxury brands include Mercedes-Benz, Rolls-Royce and Range Rover, in that particular order. The preferred luxury sports car brand is Lamborghini.
- Indian millionaires prefer the hospitality brand Taj, followed by Oberoi and Leela.
- The most preferred Indian jewellery retail brand is Tanishq.
- When it comes to luxury lifestyle, Indian millionaires prefer Louis Vuitton, followed by Gucci and Burberry.
- Indian millionaires prefer to travel on a Gulfstream jet, followed by Boeing and Airbus.
Anas Rahman Junaid, MD and Chief Researcher at Hurun India said on a release:
“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.”
Read about the Hurun India Wealth Report 2021, here.
Edited by Kanishk Singh