The demand for high-end luxury boats and yachts has increased by about 10 percent in three years in India, according to a report by The Economic Times.
Successful businesspeople in India are buying big-ticket luxury goods to express their social status as if it were a competitive event. Is this just an elaborate high-stakes game of the “My wallet is fatter than yours” syndrome? It sure looks that way.
Joy Alukkus, the owner of India’s largest jewelry chain recently acquired a seven-seater private jet for $10 million. Meanwhile, the owner of a competing jewelry chain is planning to buy a new 80-foot-plus yacht to better entertain family, friends, and guests.
"Businessmen from younger generation purchase boats or Yachts on an impulse,'' says George Pottakulam, executive director, Indmerc Marine Pvt Ltd, a boat dealer for last five years. Indmerc's sales have more than tripled in the past three years to 10 crore last year from 3 crore. "We have sold two boats to two miners in Karnataka to use in Tungabhadra waters. We are also getting enquiries from states like Odisha and Gujarat," says George.