Sunday, 8th November 2009

 

25 November 2008 - Press Briefing

Wealthy Indians likely to continue lavish spending

The market for luxury cars, art and wine in India is still expected to thrive despite a massive decline in the net personal fortune of the country’s billionaires, according to a Reuters report.

While overall car sales fell almost 7% last month on an annualised basis, Mercedes-Benz has already achieved its full-year target with a 47% growth, while BMW's sales have more than doubled.

The forthcoming Osian's auction of modern and contemporary Indian art and craft is also likely to attract strong interest from the rich, chairman Neville Tuli said.

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