The number of millionaires and billionaires in the country are on the rise and so are the Mercs and BMWs. Wide product range being offered by the companies and rising disposable incomes has helped the luxury car segment in the country witness a growth of 102.69% in 2007-08 at 4,741 units as compared to 2,339 units in 2006-07.
“The booming stock market and real estate sector in India have helped several people make their fortunes out of it. This has resulted in more people splurging on top-end brands like BMW,” says Peter Kronschnabl, president, BMW India, adding that luxury cars, ranging from Rs 25 lakh to Rs 4 crore, will sell in abundance of 6,000 cars this year.
“In the recent past, propensity to spend has gone up and brands like Mercedes have good aspiration value attached to it. All this together has drawn large number of young individuals, that are aspiring for more luxurious lives, into the folds of luxury cars,” adds official spokesperson, Mercedes-Benz India Pvt Ltd. Mercedes witnessed a growth of 58.5% in the total sales of C-Class and S-Class between January and March alone.
According to the recent Forbes list of world’s billionaires, 19 new people have joined the billionaire club in India, taking the total number to 53 and a combined wealth of $340.9 billion. Even the number of millionaires in the country has gone up by a robust 80% to 1,77,500 in 2006-07, up from 97,412 just five years ago.
“Entry of new brands in the country and the whole range of products that are being offered by the players have given ample of choice to luxury car lovers,” adds Kronschnabl.
