YOU ONLY LIVE ONCE. Aka YOLO. In 2012, this new 'word' was shortlisted by Oxford American Dictionary in its English Word of the Year list, after it became part of millennial lingo following Canadian rapper Drake's track The Motto. Even as millennials swing and 'live' by YOLO, another community has taken a particular liking to the word-global luxury carmakers such as Mercedes-Benz, Audi, Lexus, Lamborghini and others. The word has become synonymous with their engagement strategy for a whole new set of shoppers-the millennials and the GenZ. Even India, which is considered to have a predominantly savingsbased mindset, has taken to YOLO with gusto, which experts argue has only risen post the Covid-19 pandemic. Net effect: the market for super luxury cars (above 2.5 crore) in India is set to more than double this calendar year to 600-650 vehicles.
"There has been a definite mindset change in India where traditionally one-third money was kept aside as savings. The YOLO effect is at play here. They want to save for a rainy day but they don't want to save for the next generation," says Naveen Soni, President of Lexus India, adding that people are now buying luxury cars as their first car because their social and financial needs are met by the previous generation. The luxury vehicle division of the Japanese automaker Toyota said that by July 2022, it had crossed the sales of the whole of last year. That, Soni says, is credited to the growing number of ultra high net-worth individuals (UHNIS) in the country, which grew 11 per cent in 2021 to 13,637 from the year earlier, the fastest pace in the Asia-Pacific region, according to Knight Frank data. The number is expected to rise 39 per cent between 2021 and 2026.
Diese Geschichte stammt aus der October 16, 2022-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der October 16, 2022-Ausgabe von Business Today India.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
"Inaction is worse than mistakes"
What was the problem you were grappling with?
TEEING OFF WITH TITANS
BUSINESS TODAY GOLF RESUMES ITS STORIED JOURNEY WITH THE 2024-25 SEASON OPENER IN DELHI-NCR. THERE ARE SIX MORE CITIES TO COME
AI FOOT FORWARD
THE WHO'S WHO OF THE AI WORLD GATHERED AT THE TAJ MAHAL PALACE IN MUMBAI TO DELIBERATE THE TRANSFORMATIVE IMPACT OF AI ON INNOVATION, INDUSTRIES, AND EVERYDAY LIFE.
Decolonising the Walls
ART START-UP MAAZI MERCHANT IS ON A MISSION TO BRING INDIA'S FORGOTTEN ART BACK HOME
"I'm bringing Kotak under one narrative, one strategy, one umbrella”
Ashok Vaswani is a global banker who spent most of his career overseas at institutions like Citi Group and Barclays, among others.
CHOOSING THE CHAMPIONS
The insights and methodology behind the BT-KPMG India's Best Banks and NBFCs Survey 2023-24.
'INDIA IS AT AN EXTREMELY SWEET SPOT'
The jury members of the BT-KPMG Survey of India's Best Banks and NBFCs discuss developments in the banking sector and more
FROM CRISIS TO TRIUMPH
Dinesh Kumar Khara stewarded SBI through multiple challenges during his tenure, while ensuring that profits tripled, productivity soared, and the bank consolidated its global standing
AT A CROSSROADS
BANKS ARE FACING CHALLENGES ON BOTH SIDES OF THE BALANCE SHEET-ASSETS AS WELL AS LIABILITIES-WHICH ARE PUTTING PRESSURE ON MARGINS.
EXPANSIVE VISION
Bajaj Finance, an outlier in terms of digitisation, faces stiff competition. But it continues to expand its reach