Luxury Cars: A New Definition of Necessity in India

Abstract

India is a developing country but in last years due to economic crisis the country is facing various challenges. If we look at the report of Business Standard newspaper the misery index is shooting up, the misery index is achieved by adding the proportion of unemployment to the inflation rate and this indicates the economic well being of a country (Misery Index = Inflation + Unemployment). If we even compare the standing of India against BRIC countries, the India has highest number. The surprising fact is that inspite of such situation, recently it has been identified that the Indian markets has seen the increase in the demand of luxury items especially Luxury Cars. Another fact is that the demand of such cars is not only increased in Tier-I cities but has increased even in Tier-II & TierIII cities. Now-a-days a local farmer of a city called Kolhapur is purchasing a Mercedes, a beedi factory owner from Raipur is buying a BMW, and young IT professional from Pune owns an Audi. Considering such shift in buying preference, the global luxury cars brands like: BMW, Mercedes, Aston Martin, Lamborghini, and others are now having their eye on Indian market where they see huge potential buyers and are planning to even establish their showrooms and manufacturing units in India.

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Cite this paper

@inproceedings{Ahuja2014LuxuryCA, title={Luxury Cars: A New Definition of Necessity in India}, author={Ms.Puja Ahuja}, year={2014} }