The head of marketing at Mercedes Benz India sparked a debate. Santosh Iyer lamented about Indians not buying Mercedes Benz cars, but they keep putting their money into equity assets through systematic investment plans of mutual funds. The view matters as he is set to become the company’s CEO in India. His statement reveals a lot about the behaviour of Indian households at the top of the pyramid.
If Mercedes Benz is targeting them, they can buy a luxury car. Yet, they choose to save and invest money.
Mr Iyer argues that the absence of a social security net pushes Indians to save and invest more than the rich in the Western world. That hurts businesses like that of luxury cars. The discipline of regular investing in the stock market through SIPs has gained immense popularity lately. There is also substantial retail participation in the stock market as more than ten crore investor accounts were opened.
The rich usually lead the way. That probably worries companies like Mercedes Benz.
This story is from the December 05, 2022 edition of The Morning Standard.
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This story is from the December 05, 2022 edition of The Morning Standard.
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