While the common man reels under the after-effects of the current economic slump, the recession-proof luxury sector is only growing in the city with many international brands of high-end products shifting focus to Hyderabad from other cities like Bangalore and Chennai. With such a rise in demand for luxury products in the city, officials of India’s first-ever luxury expo too have chosen Hyderabad as the venue for its launch. “The economic slump does not affect the luxury sector as the people who have money and have a taste for the finer things will always be ready to spend. Hyderabad lacks a luxury mall with all the major international brands despite people here having immense buying power,” said Karan Bhangay, chief executive officer of The Indian Luxury Expo (TILE), which gets underway in the city on December 17.
Representatives from various brands who will participate in the three-day event said Hyderabad was one of the best markets for luxury items as the demand for such products was rapidly growing among the la-di-da crowd here. From high-end cars to imported home decor, Hyderabad has now become the hub for luxury product shopping with officials from many international brands reporting an increase in demand here. Krishna Vungarla, corporate sales manager at Exclusive Motors which deals in Bentley cars here, said that in the last year around 30 cars were delivered to Hyderabad which is double the number in Bangalore and Chennai. “The demand in Hyderabad is increasing so fast that it is now almost on par with the market in Mumbai,” said Vungarala.
Officials from Polaris, which manufactures All Terrain Vehicles (ATV) too said that Hyderabad is the best market for high-end off road vehicles with nearly 50 enquires per month as the travellers here have a sense of adventure. The demand for Segways, an electric personal transport which is priced in the range of Rs 4.9 lakh to Rs 5.5 lakh too is on the rise here said officials. “We have been receiving many orders from customers here. In the past two months, around 25 orders have been made in the city,” said Jackson Anthony, an executive from Amadeus which deals in Segways. Brands participating in the event include heavyweights like Bentley, Rolls Royce, Lamborghini and Amby Valley among other high-end watch and yacht companies landing in town to woo the super-rich.
Officials at a curtain-raiser for the event held on Thursday said that products worth nearly $500 million would be available under one roof during the expo. Apart from swanky rides and posh transportation tools, the expo will also feature designer jewellery, apparel, perfumes, home decor and a horde of other brands trying to woo the affluent denizens here. Neelima Koneru, dealer of KraftMaid cabinetry, a US-based decor company which provides personalised all-wood kitchens, walk-in closets and bathroom vanities, said the product is being launched for the first time in India at Hyderabad. “I have already received around 40 queries from people who want to indulge in lavish wood work in their homes. People are ready to splurge as much as Rs 60 lakh for a fancy bathroom or closet. The city has a very strong international presence now and it makes perfect sense that brands like these want to cash in on the demand here,” Koneru said.