Kotak Private Banking today launched the Kotak Private Luxury Index (KPLI), India’s first comprehensive measure of luxury price movements across 12 lifestyle and asset categories. Commissioned with support from Ernst & Young LLP, the index highlights how India’s ultra-high-net-worth individuals (UHNI) are redefining luxury—shifting from ownership to experiences, and material indulgence to mindful living.
According to KPLI, luxury prices have risen 6.7% annually since 2022, with wellness retreats, exclusive experiences, and branded residences driving growth. Wellness tourism, including destinations like Amanbagh and Ananda, saw a 14.3% annual increase, while curated experiences, from Antarctic cruises to Michelin-starred dining, rose 11.6% per year. Luxury real estate and designer handbags recorded 10.8% and 10.2% annual growth, respectively, reflecting luxury’s evolving role as a marker of identity and legacy.
In Kolkata, demand for high-end lifestyle offerings has accelerated, particularly in branded residences, fine dining, and wellness retreats. The city’s UHNI community increasingly seeks personalized experiences and global-standard amenities, pushing both real estate and experiential luxury segments upward. Oisharya Das, CEO, Kotak Private Banking, noted, “Luxury today is about personalization, exclusivity, and heritage. The Luxury Index provides a benchmark for investors, brands, and advisors to navigate this growing, sophisticated market.” The KPLI signals a maturing Indian luxury ecosystem, combining cultural aspiration with investment potential, as the sector aims for an estimated $85 billion by 2030.