Last week, Stephan Winkelmann, the CEO of Lamborghini, told media persons in Delhi that Indians are among the youngest to buy Lamborghini cars. On his first visit to the country in 10 years, he said most Indian buyers are younger than 40, as compared to 45 and above in the US and Europe.
Federico Foschini, the chief marketing & sales officer of Lamborghini, added that some buyers are even in the age group of 25-30 years old.
“Of late, there is a higher propensity to spend on luxury products in India, and that is being seen across categories – from bags and jewellery to high-end apartments, and from curated five-star holidays to cars, yachts and jets,” Foschini told FE.
He argued there are three reasons why younger Indians are splurging on Lamborghini cars (priced from Rs 4 crore to Rs 10 crore).
“One, it appears that the growth in the economy over the last few years has raised disposable incomes of younger Indians – especially those who made a lot of money in start-ups and markets. These successful, rich and young Indians are splurging on high-end products, including cars,” Foschini said. “Two, there is this YOLO (you only live once) mindset after Covid-19, and that ‘saving’ mentality is changing to ‘spending and living’ mentality.”
The third reason, he said, is that previously having a high-end car usually meant ostentatious display of wealth, but now it means a mark of success. “People driving these cars want to tell the world they have arrived,” he said. “They are celebrating their success.”
Foschini said that the 25-30-year-olds buying Lamborghini cars are successful sportspersons, successful film stars, and second-generation of successful business families who have made a lot of money during recent economic growth.
Although Lamborghini entered India more than a decade ago – around 2007-08 – a bulk of its sales have happened only over the last 4-5 years when the economy has picked up pace.
“Of the total about 550 cars we have sold in the country, 398 were sold in the last six years – 45 cars in 2018, 52 in 2019, 37 in 2020, 69 in 2021, 92 in 2022 and 103 in 2023,” Foschini said. “The mood in India is very positive.”
The size of the super sports car segment in India is about 1,000 per year, and brands in addition to Lamborghini are Ferrari, McLaren, Aston Martin, and top-end models of Mercedes-Benz, Audi, Porsche and BMW.
