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Science City resident Jessica Patel poses with her new Ferarri and Christian Dior bag
The slowdown in various sectors of the economy due to Covid, and the rise in inflation, do not seem to be hampering the sale of post-Covid luxury goods. Sales of expensive items like luxury cars, Rs 10 lakh plus jewelry, Rs 1 lakh plus handbags, designer clothes and sunglasses have increased so much that sellers have stopped giving discounts .
Segments like cars and jewelry have seen their sales increase by 100-300%. Take the case of Maserati whose car models sell for between Rs 1.4 crore and Rs 4 crore. Its sale in Ahmedabad has jumped 100%, or doubled, in the past year.
Sukhbir Bagga, MD of Petal Group, which owns the nationwide franchise of Maserati cars, said: “The starting price of our cars is Rs 1.4 crore. Amazingly, despite no discounts being offered, we are seeing a 100% increase in demand and sales in this segment. »
Bagga added: “Many buyers from Ahmedabad and Gujarat are willing to buy expensive cars like Maserati. This was not the case before the Covid pandemic hit India and the world.
Samir Mistry, CMD of Supernova Group which sells super cars and SUVs among other things, told Mirror: “After Covid there has been major demand for the AUDI Q series, AUDI A series and other premium categories. which start at Rs 50 lakh and go up to Rs 2 crore and more. We saw a 100% increase in sales after Covid.
Citing the reasons for the jump, Mistry added: “Many businessmen did good business after the lockdown. Also, people were forced to stay indoors, which cut out other expenses. The well-to-do group have been saving a lot and it looks like they’re ready to splurge despite the lack of discounts.
The booming stock market is another reason sales of luxury items have surged, insiders said.
Jessica Patel, a Science City resident who has a fashion business degree from Milan, said: “We bought two luxury cars after Covid, G Wagon (G63) for Rs 3 crore and Ferrari (CaliforniaT) for Rs 3.5 crore. We wanted to upgrade after selling the Porsche 718 Cayman. We bought the G Wagon in 2021 and Ferrari in 2022.”
The high-end jewelry segment saw sales jump 300% after Covid. Chairman of Jewelers Association Ahmedabad Jigar Soni told the Mirror: “Before Covid, the sale of high-end jewelery (above Rs 10 lakh) barely accounted for 10% of total sales. This rose to 30%, which means a jump of 300%. »
When asked which category sees high demand, he replied, “Diamond and gemstone jewelery is finding outlets among women while men are opting for diamond-set watches and pens.”
Sales of high-end eyewear increased by 25%. A partner of R Kumar Opticians, Amman Anup Kumar, said, “We sell glasses between Rs 700 and Rs 1 lakh at several outlets in the city. The Rs 50,000 to Rs 1 lakh category saw a 20-25% surge in sales after the second wave of Covid.
Explaining the reason for the phenomenon, he said: “Almost all work moved online after the first Covid lockdown and people started spending a lot of time in front of screens. During this period, corrective lens wearers became quality conscious. Those who can afford it do not hesitate to buy premium products.
The incidence of nearsightedness (myopia) has also increased as people spend more time in front of a screen, including students at school and university.
Kumar added, “The demand for designer clothes has increased with American and European brands. Before the Covid, we barely kept two premium brands with 15 to 20 models. But now we have multiple brands with over 50 models and 700 SKUs (stock keeping unit). »
Clothing, handbags, shoes and other retail items are growing at 35% annually as India’s population becomes more and more aspiring.
Akashdeep Singh, Mall Manager, Ahmedabad One, said, “At Ahmedabad One, luxury as a category has seen good growth compared to 2019. We have seen the category grow by over 35%. Inspired by market demands, we added brands like Under Armour, Super Dry, Mango, Rolex and the first flagship Apple Store in Gujarat.
He added: “Health and fitness has also seen renewed demand, with activewear also seeing an exponential increase in adoption.”