Marwaris And Luxury

The highly successful Marwari community has a long tryst with royalty, grandeur and luxury. The values of thrift have not been lost on them either, which have prevented them from being overly indulgent, unlike some other more ostentatious communities. With changing times and evolution of the Marwari mindset, the meaning of luxury has changed, however, giving way to more liberal thinking when it comes to luxury consumption. Dr Sheetal Jain, a Marwari entrepreneur and an internationally published and quoted luxury professional, explores this changing facet of luxury among Marwaris.

- Dr Sheetal Jain

The Indian luxury market is mushrooming and counts among the fastest growing in the world. According to an ASSOCHAM study, it is estimated to grow at the rate of 25 percent per annum and reach the $50 billion mark by 2020. This sudden growth can be attributed to the changing Indian mindset and value systems, growing brand awareness among youngsters, multiplying disposable incomes, urbanisation and India’s burgeoning middleclass. Given that Marwaris are considered India’s most opulent community, they could very well become the flagbearers of the growth of luxury brands in India.

The changing face of luxury

The word ‘Marwari’, in its truest sense, refers to the traders, or the baniya community of Rajasthan. The word ‘Rajasthan’, on the other hand, is etymologically derived from the words ‘raja’ (king) and ‘sthan’ (land), meaning ‘the land of kings’. True enough, Rajasthan is still a land of royals, considering that the royal families of Jaipur, Mewar, Jodhpur, Bikaner, Udaipur and Jaisalmer are still among the popular royal families of Rajasthan. Further, the community’s entrepreneurial success has spawned a penchant for jewellery, luxury cars and other high-end products, with which for decades affluence and luxury have been embedded in the lives of successful Marwari families. Therefore, luxury is not new to Marwaris. What is new is the shift to new forms of luxury.