Mad About
Money
THERE IS A DIFFERENCE BETWEEN
‘BEING RICH’ AND ‘BEING WEALTHY’
THE OTHER DAY I RAN INTO AN OLD FRIEND,
WHO COMES FROM INDIA’S ONE OF THE
BIGGEST RETAIL CHAINS- BIG BAZAAR.
WITH A LOT OF DISMAY, HE TOLD ME THAT
THEIR PRIME LOCATION IN SOUTH MUMBAI
WAS BEING SHIFTED TO A SUBURBAN AREA,
WHILE THE FORMER LOCATION WAS GIVEN
AWAY TO THE GLOBAL LIFESTYLE BRAND,
H&M. THE IDEA WAS THAT H&M WILL CATER
TO UPMARKET CONSUMERS LOCATED IN
SOUTH MUMBAI.
IT WAS A PREMIUM LUXURY BRAND,
DISPLACING A MASS BIG BOX RETAILER, BIG
BAZAAR. IT LEFT ME WONDERING ABOUT
THE STATUS OF LUXURY GOODS MARKET IN
INDIA. ARE THERE ENOUGH LUXURY GOODS
CONSUMERS? CONSUMERS BUY FROM H&M
BECAUSE OF ITS ‘VALUE’ PROPOSITION OR
IS IT BECAUSE THEY WANT TO ‘LOOK RICH’
WITH THE PREMIUM BADGE ASSOCIATED
WITH H&M?
24
Ostentatious
display of
wealth
The truth is, Indians love
to flaunt their money.
They do not shy away
from ostentatious display
of wealth. Marriages are
one such platform where
one can witness India’s
ramp walk on ‘who is the
richest’ show. Well, it’s not
such a bad thing. If you
got it, you will flaunt it.
Who doesn’t want luxury
and other shiny things in
life?
India’s consumption
story of luxury goods
has changed drastically.
There is an increase in
appetite for luxury goods
amongst consumers.
Number of High Net
worth Individuals
(millionaires) in India
have increased and
data suggest that
luxury market in India
has been growing at
unprecedented levels
(currently valued @$18.5
billion).
Strong interest
in luxury
goods
There is a strong interest
in luxury goods. The tags
have become important
for people. H&M stores