‘WEALTH PEACOCKS’ These newly-rich are looking for conspicuous
However, “value-seeking” is still core for the
announcements of their new wealth, to
Indian consumer, and is still present below
validate their new social status, particulary
the surface. Essentially, the new rich are
with luxury cars and mansions.
willing to pay for conspicuous consumption,
As more and more people can afford luxury products, the very wealthy are looking to
but still want to save on the things that can’t be seen.
exclusivity and over the top experiences to
While the very rich are beginning to
overtly display their wealth further.
move away from just flaunting to valuing
Big Indian weddings are getting even bigger,
meaningful experiences.
with families hosting all-day brunches, private cricket matches, polo matches, shopping trips, etc. All to show off their ability to pay for such extravagances.
So what? Brands are beginning to be tailored for this market, with a focus on enhanced and showy signals and signs of luxury and ostentation.
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