INDIA LUXURY ITEM SALES
Premiumization in India: Unlocking investment opportunities
Consider the automotive industry: 60% of car registrations in India in FY24 have been SUVs, highlighting a preference for higher-end vehicles offering status and comfort. In the two-wheeler segment, growth is driven by demand for power bikes Similarly, metropolitan real estate markets, particularly in Mumbai, NCR, Bangalore, and Chennai show a rise in demand for luxury properties India's luxury housing market is thriving, as it recorded a 10 per cent year-on-year (Y-o-Y) growth in sales during the first quarter (Q1) of 2024.
Motown, slowtown: Luxury car sales slow in line with broader slowdown in Indian auto market
Carmakers attributed the sluggish performance to a broader slowdown in the Indian car market, besides intense heat waves this summer, and an extended general election. Some experts also cited a shift in spending by the wealthy to experiences such as bespoke holiday itineraries.
Mumbai records luxury housing sales worth Rs 12,300 cr in January-June
The luxury housing market in Mumbai is experiencing significant growth, driven by a surge in sales of properties priced at Rs 10 crore and above. Sales in the first half of 2024 reached a record high of Rs 12,300 crore, marking an 8% increase compared to previous periods. Factors contributing to this trend include rising disposable incomes, favorable government policies, and strong interest from both domestic and international investors.
Ashiana housing to double its annual senior living housing sales
Ashiana Housing, a listed real estate developer, is aiming to double its annual senior living housing sales to 1,000 units within four years. This comes in response to the post-Covid surge in demand, which has already increased their sales from 200 units to 450–500 units per year. The company reported a revenue of Rs 1,800 crore in FY 2023–24, a 50% increase from the previous year, and is targeting Rs 2,000 crore for the current financial year.
Mercedes-Benz India posts record half-yearly sales at 9,262 units
Mercedes-Benz reported a 9% growth in sales in India in the first half of 2024, reaching its highest ever half-yearly sales. The company's sales were 8,528 units in January-June 2023. The company plans to launch six new products in the second half of 2024. SUV penetration was 55% in H1 2024, with the top-end vehicle segment accounting for 25% of total sales.
Residential property sales highest in a decade: Not affordable housing, but this segment emerges as top favourite
India's real estate sector remained buoyant as residential housing sale surged to an 11-year high in the first half of 2024. A total of 1.73 lakh residential units sold during the January-June period of 2024, according to the Knight Frank report. Mumbai led with 47,259 units sold, up 16% during H12024. The premium housing sales rose to 34% market share in H1 2024, from 15% in H1 2018. Meanwhile, the affordable housing segment sales dropped to 27% in the January-July period 2024.
BMW India posts record sales at 7,098 units in Jan-Jun
BMW Group India excelled in the first half of the year, achieving record sales and maintaining leadership in the luxury electric car segment. President Vikram Pawah expressed satisfaction with the company's performance, highlighting a focus on business performance and customer satisfaction to drive success.
Audi India sales dip 6 pc in June quarter
Audi India on Monday reported a 6 per cent dip in retail sales at 1,431 units during the April-June quarter this year. The German luxury carmaker had sold 1,524 units in the year-ago period. "While the supply situation in Q2 2024 has improved compared to Q1 2024; it still played a limiting factor on our sales performance," Audi India Head Balbir Singh Dhillon said in a statement.
Affordable housing suffering; luxury continues to show bumper sales: Gulam Zia
Commercial real estate also is doing phenomenally well. If I have to give a few numbers, the last quarter and we saw almost about 14 to 15 million square feet of gross absorption of office space in the country, the top seven-eight markets that we always talk about.
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US steps up watch against counterfeit goods; Indians leave your fake Adidas, Gucci back home
The US Customs and Border Protection (CBP) has recently intensified efforts to combat the smuggling of counterfeit luxury products, leading to the confiscation of numerous fake Adidas, Nike, and Gucci items from travelers, particularly from India. Many students and visitors arriving in the United States have reported having their counterfeit Puma, Adidas, or Nike items seized at ports of entry.
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Mercedes Benz eyes reduced trade barriers from new India government
Mercedes-Benz is urging the next government to prioritise the forging of more free trade agreements and reducing trade barriers to boost sales in the country's growing luxury car market. The company's India head emphasized the importance of FTAs for economic growth and expressed optimism for the future of the luxury car segment in India, where sales have been on the rise.
Amazon Sale on Beauty Essentials - Up to 70% off on makeup and beauty for summer
Amazon is hosting an exciting Beauty Essentials Sale, offering discounts of up to 70% on a diverse selection of makeup and beauty products. This sale is the perfect opportunity to refresh your summer beauty routine with high-quality items from top brands. You may find incredible discounts that meet all of your beauty needs, whether you're shopping for skincare, makeup, or hair care items.
Post-pandemic, Indians shopped...till they dropped (in FY24)
Pent-up demand post-Covid led to booming sales in athleisure wear and lifestyle products. Kumar Rajagopalan notes the unsustainable high growth post-pandemic and the impact on consumer spending.
Apple not the only company to grapple with cash payments in India; cash also figures prominently in car sales
With customers continuing to stream in with wads of notes to buy mobile phones or computers, payments for 7-9% of the American firm's sales in the two stores in India are made with cash, compared to less than 1% or even nil in its stores in the US or Europe, according to people with knowledge of the matter.
JLR plans to start making flagship Range Rover model in India
The local assembly will translate into a 18-22% price reduction, Amba said. The Range Rover will drop to Rs 2.6 crore from Rs 3.3 crore while the Range Rover Sport will fall to Rs 1.4 crore from Rs 1.8 crore. India levies a duty of 15% on completely knocked down kits and more than 100% on imported models.
Iconic British car brand Jaguar Land Rover plans to ride India's luxury boom
The luxury carmaker plans to launch at least half a dozen new models from the JLR stables, both ICE and EV (internal combustion engines and electric vehicles), as it seeks to capitalise on the growing number of high-net-worth individuals in the country. This is the most aggressive push by JLR since it entered the Indian market in 2009.
Expect double-digit sales growth this fiscal: Mercedes-Benz India
Mercedes-Benz India aims for double-digit sales growth with a focus on high-end models like Maybach GLS 600 and AMG S 63 E. VP Lance Bennett notes strong demand for top-end vehicles.
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