OREANDA-NEWS. India’s rapid advance from an emerging to a developed economy has given rise to a new breed of luxury consumers, a highly opinionated and demanding set of consumers, which is heavily influenced by global tastes and beliefs. India’sNew Affluents, while retaining a distinctly Indian identity, are redefining the market, taking marketers by storm. This is the preeminent conclusion of a highly engaging roundtable discussion organised by Tata Housing, India’s fastest growing real estate development company.

According to the Boston Consulting Group, the numbers of affluent class are around 13 million households in India. Among affluent households, education and occupation help define consumption patterns and attitudes, creating two distinct segments: New and Traditional. The recent emergence of the affluent class in India highlights this demographic group’s obsession with the love for technology, high living and new-age affluence – in a nutshell, an opulent lifestyle. This has led to conversation amongst manufacturers and marketers on who these ‘affluents’ are and why their consumption habits are of relevance to India.

According to the panel, India’s New Affluents will not simply mimic western spending patterns but retain distinctly Indian characteristics; a type of jugaadthat marries affluence with aspirations, with a strong focus on the former.

The discussion was compiled by an array of experts representing the fields of research, marketing, real estate and consumer and brand intelligence; and was organised to stimulate discussion, debate and further insight into the segment. In attendance were some of the biggest names in thought leadership, industry leaders and decision-makers. A Harikesh, senior vice president, marketing and sales — Tata Housing was the host of the roundtable discussion; while Harish Bijoor, business strategy specialist and CEO of Harish Bijoor Consults Inc., Bino Paul, professor and chairperson at Tata Institute of Social Sciences, and Sandeep Trivedi, director, growth market at Cushman & Wakefield were the luminaries present.

Speaking at the Tata Housing’s New Affluents Roundtable, real estate expert Mr Harikesh said, “New Affluents are the ones driving the realty market today. They are ambitious and aspire to live a life of sheer luxury. They have the advantage of having both good education and as well successful careers. Most have travelled internationally and have lived abroad, a life they now want in their own home town as well.

“Our esteemed panelists have neatly captured how affluence has become a trend in India, and from where and how this segment, which is an international phenomenon, has now made its way to India,” concluded Mr. Harikesh.

Marketing and brand strategy specialist Mr Bijoor said, “In the marketing sector, we have changed the way offerings are assessed, while at the same time delving deep into the buying psychology of affluent consumers. For New Affluents, products should flaunt their value and brand name always trumps affordability.”

Social researcher Mr Paul commented on the societal change saying, “New Affluents are pivotal in transforming urban agglomerations into global cities whose steadfast longing for novelty and structural changes forms potent base for new ideas, products, markets, spaces and socialisation milieus. They seem to be different from conventional Indian middle class, in assimilating dynamic contexts that are enmeshed in social-spatial-economic-cultural changes.”

Mr Trivedi, director, growth market at Cushman & Wakefield said, “The growing working population of people in the age ground of 27-45 is the primary reason for this change. The age of a homebuyer has drastically decreased over the years. Today, the average age of a first home buyer is in the age bracket of 28-32 years. This trend has transformed the residential market and created a niche within.”