High inflation has no bearing on India’s affluent—as is evident from the sales of luxury cars and premium electronics. India has emerged as one of the fastest-growing markets for companies such as Lamborghini, BMW Motorrad, Mercedes-Benz India and Bosch Siemens in the first half of the current year.

Luxury cars, smartphones, TVs, laptops and refrigerators are flying off shelves in stark comparison to a slowdown in mass-to-mid market products in the segments, according to a report in Economic Times.

The sales of luxury cars are up 55% in the first six months of the year while that of super luxury cars, in the price realm of Rs 2 crore and higher, is expected to cross the pre-pandemic peak of 2018 in the year 2022, the report added citing industry insiders.

According to market intelligence firm GfK India, sales volumes in offline retail of premium TVs above 55-inches grew 55% in the January-to-May period. Sale volumes of 350-litre plus refrigerators, 8-kg plus washing machines and gaming laptops jumped 44%, 29%, and 107% respectively during the period.

Balbir Singh Dhillon, head, Audi India told Economic Times that luxury car manufacturers not only expect to reach the pre-pandemic peak in terms of sales volumes but also hope to increase market share in the overall passenger vehicle markets in the country.

Nikhil Mathur, managing director-India at GfK said the trend is also visible in smaller cities and is expected to continue in future.

According to Counterpoint Research, Apple iPhone sales, especially those priced above Rs 70,000 have grown 23% this calendar year. Financing offers have helped the sales of smartphones priced above Rs 30,000 from brands like Apple, Samsung, Oppo, OnePlus, Xiaomi and Vivo have grown 1.5 times that of the rest of the market.