Hyderabad is emerging as a formidable player in India’s luxury market, driven by a significant increase in high-net-worth individuals (HNWIs). The city is quickly catching up with traditional luxury hubs like Delhi and Mumbai, attracting the attention of global luxury brands and investors.
According to the latest data from Hurun India, Hyderabad has seen a remarkable rise in its wealthy population. In 2012, the city had only three entrants on the Hurun Rich List. By 2023, this number had skyrocketed to 87. This year alone, Hyderabad welcomed 26 new entrants to the rich list, and 64 individuals experienced a notable increase in their wealth. This surge positions Hyderabad as a major contender in India’s luxury segment.
Luxury brands are taking notice of this growing affluence. Sabyasachi Mukherjee, a renowned fashion designer, opened his jewellery store in Hyderabad last year. Rahul Mishra, another esteemed designer, is set to launch a new store in the city next month. Mishra remarked, “2024 is an important year for the brand as we straddle growth and retail expansion for both our brands – Rahul Mishra Couture and the recently launched prêt-à-porter label AFEW Rahul Mishra.” The hospitality sector is also recognising Hyderabad’s potential. When Radisson Hotel Group, the third-largest hotel chain in India, decided to introduce its luxury brand Radisson Collection to the Indian market last year, it chose Hyderabad for its debut. An official from Radisson Hotel Group stated, “Hyderabad has undeniably emerged as a vibrant hub for luxury consumption in India.”
Industry insiders believe this trend will continue as more affluent individuals and billionaires emerge from Hyderabad. The city’s strategic positioning and growing wealth make it an attractive destination for luxury brands looking to expand their footprint in India. This trend is not only limited to fashion and hospitality. Other luxury sectors, such as automobiles, real estate, and high-end services, are also expected to see increased activity in Hyderabad. As the city continues to grow economically, it is poised to become a significant centre for luxury consumption in the country. The rise of Hyderabad as a luxury market is a testament to its economic growth and increasing prosperity. With a burgeoning rich list and a growing number of HNWIs, the city is set to redefine its status in India’s luxury landscape.
