Business Today 10 November 2024

Have money, will spend. That seems to be the guiding force these days in the Indian luxury market, as ultra-high net-worth individuals (UHNIs) make a beeline to shop for their favourite brands across segments—luxury cars, watches, clothes, accessories, jewellery; you name it, they want it. And that’s hardly surprising. According to Knight Frank’s ‘The Wealth Report 2024’, the likely number of UHNIs with total wealth of over $30 million in India is expected to stand at 19,908, a 50% surge from 2023. Meanwhile, Bain & Company projects India’s luxury market will reach $85-90 billion in size by 2030. Among other key trends are tech advancements and a focus on sustainability, with GenZ buyers also powering luxury purchases. According to Deloitte’s ‘Global Powers of Luxury Goods 2023’ report, India made significant…

INDIA IS A MAJOR CONTRIBUTOR TO THE GLOBAL GEMS AND JEWELLERY INDUSTRY SOURCE RESEARCH AND MARKETS, CMIE, MCX, NUVAMA 800-900 TONNES Expected gold demand in 2024, up from 748 tonnes in 2023 ₹1.90 LAKH CRORE Value of gold India imported during April-August this year, up 27% YoY ₹92,715 CRORE Worth of gems and jewellery exported by India in FY25 till August, down 9.4% YoY 24 PER CENT Rise in gold prices in 2024. The yellow metal was at ₹77,771 per 10 gm on October 21…

SHIFT IN INCOME PYRAMID THE PROPORTION OF HOUSEHOLDS WITH HIGHER INCOME IS EXPECTED TO INCREASE BY 2031 SOURCE CBRE, MORGAN STANLEY LIVING THE HIGH LIFE LEASING OF RETAIL SPACE IN THE LUXURY CATEGORY HAS SEEN A MARKED UPTICK COMPARED TO THE PRE-COVID PERIOD SOURCE CBRE LUXURY ON WHEELS THE LUXURY CAR MARKET IN INDIA IS EXPECTED TO SEE AN ANNUAL-ISED GROWTH RATE OF 5.40% THROUGH 2031 SOURCE VERIFIED MARKET RESEARCH TIME TO SPLURGE THE PERSONAL LUXURY GOODS MARKET ACCOUNTS FOR NEARLY 25% OF THE TOTAL LUXURY GOODS MARKET, CURRENTLY VALUED AT $17 BILLION NOTE LUXURY GOODS MARKET INCLUDES PERSONAL LUXURY GOODS, JEWELLERY, HOME DÉCOR, CARS, BOATS, SPIRITS; PERSONAL LUXURY GOODS INCLUDE WATCHES, LEATHER, APPAREL, BEAUTY MARKET SOURCE BAIN AND COMPANY LIVING IT UP IN 2023, THE US DOMINATED THE GLOBAL…

FROM ‘ELEPHANT’ TO ‘horse’—Reserve Bank of India (RBI) Governor Shaktikanta Das’ outlook on inflation seems to have seen a shift. What was ‘slow moving’ is now ‘agile’ and needs to be kept on a tight leash. What brought about this shift in analogy? According to retail data for September, retail inflation has seen a 5.5% year-on-year jump on the back of an increase in vegetable prices. “The RBI governor stressed that though the risk of inflation is diminishing in the medium term, multiple factors could impact it in the short term. This stance indicates that the RBI has turned cautious and continues to remain hawkish in the short term to ensure inflation is under check,” says Deepak Ramaraju, Senior Fund Manager of financial services company Shriram AMC. There are numerous…

AUTO MAJOR HYUNDAI Motor India made history on October 17, 2024, by successfully completing the country’s largest-ever initial public offering (IPO) worth ₹27,856 crore in the primary market, thanks to strong bidding from institutional investors on the final day of the IPO. The three-day public offering concluded with 2.37 times over-subscription. The IPO attracted bids for 236 million shares against 99.77 million shares on offer. Notably, 83.46% of the bids came from qualified institutional buyers, with their reserved quota being subscribed 6.97 times. In that, 58% of the bids—totalling ₹22,540 crore—came from overseas investors. However, some of that sheen wore off on listing day on October 22, as the stock fell 7% against its issue price, ending the day at ₹1,820 apiece on the BSE, down ₹140 from the issue…

THE PILOT PRIME MINISTER Internship Scheme (PMIS)—launched on October 3, 2024, with the aim of helping as many as 125,000 youth secure internship opportunities with leading Indian companies—has garnered strong response from companies; candidates have also shown a great deal of interest. As of October 24, 2024, over 280 private companies, such as Reliance Industries, Maruti Suzuki India, Jubilant FoodWorks, Oil and Natural Gas Corporation, ICICI Bank, and Titan, have posted as many as 127,000 internship opportunities. To ensure that students don’t have to relocate far from home in order to learn these skills, opportunities are spread across 25 sectors and 745 districts. There are internships available in more than 20 fields, including operations management, production and manufacturing, maintenance, and sales and marketing. “PMIS marks a significant step towards industry-led skilling.…