Luxury car owners in India are getting younger, and, more and more professionals are buying them. This is opposed to the earlier norm of only wealthy families owning luxury vehicles.
Vikram Pawah, president, BMW Group India, said that the customer base of luxury cars has evolved tremendously in the last decade. "Apart from wealthy families, a new group of achievers has emerged in India. They have a global outlook, are well-travelled, and have an eye for luxury products. Young entrepreneurs and leaders are actively shaping demand in the luxury car market. With the rise in disposable income, they are not hesitant to spend on luxury products and services," Pawah said.
He explained that since the pandemic, there is a greater realisation among people that they would like to live life to the fullest and enjoy the best things. Moreover, personal mobility is on the rise.
This story is from the October 25, 2023 edition of Business Standard.
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This story is from the October 25, 2023 edition of Business Standard.
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