Delhi, India: Even though the world is talking about a recession, Indian millionaires and billionaires are enjoying their expensive cars.
As the "you only live once" (YOLO) philosophy continues to gain traction following the pandemic, India's market for ultra-luxury automobiles (up to Rs 2 crore) has seen its highest growth ever. In 2022, sales increased by 50%, surpassing the previous record set in 2018.
After restrictions were lifted following the pandemic, the extremely wealthy automobile market has experienced a boom. Lamborghini, an Italian manufacturer of super sports cars, leads the market, along with Bentley, Ferrari, Rolls-Royce, Aston Martin, Porsche, and Maybach.
Buyers have moved forward and taken steps to fulfill "their dreams and aspirations" post-Covid, in contrast to the previous practice of being cautious when it came to indulgence, according to Sharad Agarwal, India head of Lamborghini, which sells automobiles that cost more than Rs 4 crore.
The market for super-luxury automobiles is anticipated to reach 450 units this year, compared to 300 in 2021. Additionally, this will surpass the previous record of 325 units sold in 2018," Agrawal informed TOI. Young and wealthy Indians want to drive the same cars here as they are exposed to in other countries. Additionally, this has allowed us to launch our most recent automobiles almost simultaneously with their global debut.
The trend is supported by some of the best retailers in the country. According to Yadur Kapur, CEO of Select Cars, which sells luxury brands like Rolls-Royce, Ferrari, Lamborghini, Aston Martin, and BMW, "the demand for luxury cars is unprecedented and has gone through the roof post-pandemic." Everyone wants to have fun in life after Covid. Coronavirus gave numerous an impolite shock, and presently individuals need to live rich, as opposed to kick the bucket rich. We have observed this pattern.
People want to "reward themselves with material things" rather than just save money, according to Satya Bagla, MD of Exclusive Motors, which sells Bentley in Delhi, Mumbai, and Hyderabad. In the past, avoiding indulgence was considered cool. But no longer. The question now is why not? People are spending a lot of money on expensive vacations, private jets, super-luxury cars, and expensive watches.