The wealthy in India is growing beyond old business families and corporate tycoons, encompassing start-up founders, investors and high-ranking corporate professionals.
“There is a new group that has emerged over the past seven to eight years. These are people who are wealthy for the first time, and have high disposable incomes to buy high-end housing, luxury cars and jewellery,” said Arvind Singhal, chairman and managing director of retail consultancy Technopak.
The luxury market in India has also matured enough to start seeing demand from smaller cities.
“India is far behind China in most things but in luxury, the gap is smaller. I’d say India is only about 10 years behind China,” said Singhal.
“Unlike China with the communist revolution, Indians have always been comfortable with luxury owing to the legacy of the maharajas and the custom of lavish weddings. They didn’t have the purchasing power before, but have always had a certain cultural understanding of luxury.”
The shopping centre puts Mumbai on a par with capital New Delhi in terms of a single luxury shopping destination. New Delhi is home to the DLF Emporio, where limousines roll up daily to drop off affluent shoppers from across north India.
At the Jio World Plaza, butlers help shoppers find stores, carry their shopping bags, and make restaurant reservations.
Personal shoppers are available at no charge to advise shoppers on styles, help with product selection, and boost the confidence of shoppers from smaller towns.
‘Billionaires will buy’: India sees ‘mad rush’ for luxury homes
‘Billionaires will buy’: India sees ‘mad rush’ for luxury homes
“It’s a tricky balance to maintain – to guide someone who hasn’t a clue about fashion or what suits them, but without seeming patronising. If they’re agonising between a Gucci or Prada bag, I help them choose based on their wardrobe,” said Suniti Sharma, a personal shopper in New Delhi.
Sharma is no stranger to shoppers with different habits, ranging from knowledgeable shoppers who know what they want to those who mispronounce brand names and think Armani is an Indian brand because its name shares similarities with a Sindhi community in India.
Indian consumers are also increasingly valuing a private, exclusive experience, as members-only clubs spring up across the country. Similarly, Jio World Plaza is also eyeing such consumers, providing private and curated shopping suites for those who require more privacy than the exclusive space of the plaza.
The shopping centre hopes to be a space for consumers to spend, away from the typical chaos, noise and crowds of India. “When they’re in these luxury malls, they forget they’re in India,” Sharma said.