Mumbai-based Tarun Tahiliani is one of India’s best known fashion designers, specializing in highly elaborate outfits that emphasize India’s culture and craftsmanship. Image: Tarun Tahiliani
By Abhay Gupta
India – boasting the world’s fastest-growing economy, fastest-growing population and fastest-growing country status for consumers with $100 million in wealth – is witnessing a surge in conspicuous consumption. It is not just tycoons, but a new class of wealthy entrepreneurs, executives and dealmakers that are muscling into India’s luxury market.
Post-COVID-19, besides just the usual drivers of revenge shopping, restricted travels and a fear phobia linked with crowded destinations, strict capital controls dictated by the Narendra Modi government forced the elite to splurge on luxury within the country.
Hence, despite a habitual preference for jetting abroad to Europe for shopping and vacations, domestic demand for everything from handbags and second homes to watches and automobiles has accelerated since the pandemic.
This hubbub, naturally, has led global luxury firms and brands to rush into India.
The recent opening of the Jio World Plaza in Mumbai on Nov. 1 is testimony to India’s potential and home to many such brands. The four-level plaza seamlessly integrates into the Nita Mukesh Ambani Cultural Centre, The Jio World Convention Centre and the Jio Garden, making it a complete cultural, retail and entertainment hub.