Jan 22, 2014
India’s strategic big spenders

Given its per capita GDP and number of high net worth individuals, analysts estimate that India's luxury market could be up to 150% larger than it is now. Can an understanding of the unique Indian mindset help unlock its full potential?

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A young, twenty-something Indian man was getting married in a few weeks. His father, who worked in the luxury industry, suggested he wear a Canali suit on his wedding day. The man went to the Canali boutique, got himself measured, and was told that the suit would cost him upwards of £1,000. He thought about it, and debated the cost – but in the end he bought a £250 suit from the local tailor instead. After his wedding, he confessed to his father that he might have made a mistake. “I should have bought the Canali,” he admitted. “Because the way I felt in that store is what I treasured the most.” [1]