India’s economic growth has attracted the world’s attention. Its population has also surpassed China to become the largest in the world. Its large productive workforce is also attracting global attention. Of course, the eyes of the world’s businesses are on this growing country. Swiss watches, a symbol of the wealthy, reached a record high in exports to India in 2022. European luxury brands and hotels are beginning to expand into India. Germany’s Mercedes-Benz predicts that India will rise from fifth to third in its market outside Germany in the next three years. India’s wealthy have a great influence on consumption, investment, and economic growth. Generally, this “wealthy” is considered to be people with assets of more than $1 million, including the value of their homes. The characteristic of the wealthy is that their numbers are constantly increasing.
Many of India’s wealthy are involved in their own businesses. They are involved in the manufacture of products that are modest but essential to economic growth. They are also involved in the manufacture of products essential to economic growth, such as everyday items, food, and clothing. Consumption and supply of these goods and products continue to increase along with India’s economic growth. Another factor is the gradual development of transportation infrastructure, which has led to lower transportation costs and faster product delivery. In the past, the median age of India’s wealthy class was over 50 years old. Today, the wealthy class is increasingly made up of people in their 30s and 40s. In a sense, they are getting younger. Another characteristic of this young, newly wealthy class is that they have less resistance to the capital market than their parents’ generation.
In a growing India, more and more people are looking for business opportunities. A woman who worked in sales at a leading Japanese department store chose India. She was a person who could earn an above-average income and live a life even if she worked at a Japanese department store. The reason she chose India was because she was fluent in English and because she saw that there was a demand for services in this country. In India, there was a need to break away from the traditional “sell it to me” style of sales service. The educational level was higher in the manufacturing industry, while the service industry remained at a low level. There was a reality that high-quality services could not be provided. The service and manners in Japanese department stores are said to be the best in the world, and the skills she has acquired there are highly regarded in large retail stores in India.
