India Inc.'s Premium Play
Fortune India|February 2024
As demand for premium products and services Surpasses Mass market in growth, companies across sectors gear up to tap the rise of India’s new affluent class.
AJITA SHASHIDHAR AND NEVIN JOHN
India Inc.'s Premium Play

ENROUTE PATNA to the historical town of Bodh Gaya in Bihar, an array of motels on either side of the road is inviting enough for tourists for a pit stop. In the midst of them is a new Maruti Aspire showroom with upper-end models Brezza and Ertiga on display. While one wonders if there is actually a market for these variants (priced upwards of ₹13 lakh) in an area which largely caters to rural consumers, a stroll into the store unfolds more surprises. A couple visiting the store couched comfortably in a sofa is immersed in an ArenaVerse (Maruti Suzuki’s newly launched Metaverse store) to experience the Brezza. Store manager Intakhab Manzar says 40% of sales in the past year have come from upper-end cars, while mass-market Alto and Swift Dzire, the mainstay of car dealers a couple of years ago, are degrowing.

In Maharashtra’s Nashik, a Mahindra Finance executive echoes similar views. He points at a second-hand car store which has on display luxury brands such as Mercedes and BMW and high-end ones such as Kia and MG Motors. While he has a long list of first-time loan seekers for high-end cars, second-hand car buyers even want luxury brands!

Denne historien er fra February 2024-utgaven av Fortune India.

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Denne historien er fra February 2024-utgaven av Fortune India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.