Business Today 16 October 2022

Rich Indians are on a spending spree. What began last year as revenge spending—as the pandemic gradually came under control and lockdowns were lifted—has now turned into a strong trend with Indians splurging on sprawling residences, lavish holidays, jewellery, watches, fine dining and more. So much so, that Euromonitor International estimates the luxury goods market—which includes personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury—to bounce back, after the setback caused by the pandemic, to over ₹50,000 crore by 2024 from around ₹46,000 crore in 2022. The reasons for this are not far to seek. Stock markets have been on the rise, and a new pack of young business owners has emerged, with the valuations of their enterprises soaring. Wealthy GenZ buyers are now making a beeline for…

SOURCE GEMS AND JEWELLERY EXPORT PROMOTION COUNCIL, CRISIL 15-20 PER CENT Expected drop in the revenue of the Indian diamond industry in FY23, as per CRISIL $8.2 BILLION Value of cut and polished diamonds exported by India in Q1FY23, down 2.76 per cent from a year ago 61.34 PER CENT Share of cut and polished diamonds in India’s gems & jewellery exports ($13.37 billion) in Q1FY23 $6.5 BILLION The value of rough diamonds India imported in Q1FY23, up 4.57 per cent year-on-year…

The luxury goods market is an aggregation of four segments—personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury, as per Euromonitor International THE GROWING SUPER-RICH INDIA COULD PRODUCE NEARLY 40 PER CENT MORE UHNIs BETWEEN 2021 AND 2026 *Estimate; Note: Individuals with net worth of $30 million or more are considered as UHNIs; Source: Knight Frank THE PERSONAL TOUCH THE SHARE OF PERSONAL LUXURY IN THE OVERALL MARKET IS EXPECTED TO RISE TO OVER 50 PER CENT IN THE COMING YEARS *Estimate; LHS: Size of personal luxury market; RHS: Share of personal luxury in overall luxury goods space; Source: Euromonitor International GOING OFF TRACK THE PREMIUM AND LUXURY CARS SEGMENT MAY CONTINUE TO WITNESS A SLOWDOWN *Estimate; LHS: Size of premium and luxury cars market; RHS: Share of…

AFTER SUFFERING FROM subdued demand and a steep rise in commodity prices for over a year, fast-moving consumer goods makers are gearing up for bumper sales during the festive season in October. From Hindustan Unilever and ITC to Nestle, Parle Products and Mondelēz, leading companies are ramping up their procurement and production schedules in anticipation of higher sales in the coming weeks. According to them, the uptick in demand is already visible in consumers’ buying patterns. That may finally bring some relief to the companies’ stressed margins and lacklustre volume offtake.…

At a time when retail participation in the market is increasing amidst an influx of young and first-time investors, the Securities and Exchange Board of India (Sebi), the capital markets regulator, is mulling enhanced disclosures for investors in the high-risk, high-reward derivatives segment. Sebi Chairperson Madhabi Puri Buch recently said that enhanced disclosure of information is in the works, clearly hinting that it would help investors take better-informed investment decisions.…

The IIT Madras-incubated imaging satellite operator GalaxEye has inked a memorandum of understanding with California-based satellite software provider Antaris to develop the world’s first satellite containing both Synthetic Aperture Radar (SAR) and optical sensors. Satellite constellations deployed today capture data at different times from different locations, often resulting in consumers wasting a lot of time trying to interpret it. The new multi-sensor satellite will capture both SAR and optical data to improve correlation and analytical utility. Expected to be launched in late 2023, the datasets delivered by the satellite will especially be of immense value to environmental, insurance and defence applications.…