As tier-1 cities get more expensive, cluttered and competitive to do business in, tier-2 cities are where brands are heading to capture an untapped market. The enthusiasm for non-metros is not without reason. As per Kotak Wealth Management’s The Indian Ultra HNI: Optimism Uninterrupted report, smaller cities are playing a considerable role in the growth of the number of ultra HNIs. This is good news for luxury retail brands, among others, looking at non-metros for expansion. An EY report also finds a new class of cities defined by their rising cumulative household income.
Small towns on radar of big brands
As per Kotak Wealth Management's The Indian Ultra HNI: Optimism Uninterrupted report, smaller cities are playing a considerable role in the growth of the number of ultra HNIs.
