The Hindustan Times Mint Luxury conference is a reflection of a growing niche consumer class that's driven by hedonistic appeals of products and services. Is their ilk a flash in the pan phenomenon or is it here to stay ?
The answer is pretty simple. It surely is here to stay.
Take Bangalore for example. The city is home to over 10,000 individual dollar millionaires and 60,000 super-rich people with an investible surplus of Rs. 4.5 crores and 50 lakh respectively. These include professionals, entrepreneurs, consultants, US returned Indians and expats. According to a study conducted by American Express, there are 83,000 HNIs and 7,11,000 super rich people in India.