Sanjay Thakker calls it the Yolo - you only live once -effect where consumer behavioural patterns have changed after the pandemic.
"The mood of the nation is one of self-belief and a firm conviction that the time for India has come. People are spending liberally without being embarrassed," says the Chairman & Founder of Group Landmark, the country's leading retail automobile chain for premium and luxury cars.
Thakker admits that this was not the case in the past where there was some reluctance to spend on luxury products, but Yolo is now the new mantra marking a clear shift in priorities. As he puts it, there is no longer this feeling of guilt or embarrassment about being wealthy, especially with Indians now constantly hitting the headlines for taking up plum assignments in top multinational companies or making it to the world's richest list.
Today, people want to live life to the fullest - especially in the aftermath of Covid- and this explains why they are splurging on premium cars and spending time driving with their families during the weekend.
"Personal mobility is now important, but everyone is as concerned about safety and ready to pay more for it," says Thakker.
Landmark had filed for an initial public offering (IPO) of Rs 762 crore earlier this year and its founder explains the rationale behind the move. While dealerships in India are either promoter-run and owned, Landmark has already separated dealership operations "from a perspective of ownership and management early on".
When it was set up in 1998, narrates Thakker, Landmark separated the management and ownership where the core team is the one "that joined me then and are still with me".
These people are today the directors of the company, hold shares and have contributed to the Landmark growth story.
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