The YOLO Wave
Business Today India|October 16, 2022
Luxury carmakers are singing the 'you only live once' tune to lure younger buyers, and it seems to be working
Prerna Lidhoo
The YOLO Wave

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.

This story is from the October 16, 2022 edition of Business Today India.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the October 16, 2022 edition of Business Today India.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM BUSINESS TODAY INDIAView All
The EV Craze
Business Today India

The EV Craze

The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly

time-read
5 mins  |
November 10, 2024
The Storage Boom
Business Today India

The Storage Boom

Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?

time-read
8 mins  |
November 10, 2024
India Beckons
Business Today India

India Beckons

Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before

time-read
4 mins  |
November 10, 2024
The Pearls of The Sea
Business Today India

The Pearls of The Sea

Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it

time-read
4 mins  |
November 10, 2024
66.Brand persona should define the core"
Business Today India

66.Brand persona should define the core"

I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.

time-read
1 min  |
November 10, 2024
Unwind in Style
Business Today India

Unwind in Style

Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury

time-read
3 mins  |
November 10, 2024
A Lifelong Affair with Inspiration
Business Today India

A Lifelong Affair with Inspiration

In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art

time-read
3 mins  |
November 10, 2024
Make it Bubbly
Business Today India

Make it Bubbly

Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles

time-read
4 mins  |
November 10, 2024
Palatial Splendour
Business Today India

Palatial Splendour

Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers

time-read
7 mins  |
November 10, 2024
Of Beaches and Cream
Business Today India

Of Beaches and Cream

GianChand Single Malt Whisky

time-read
1 min  |
November 10, 2024