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Luxury cars and jewellery have emerged as the top two avenues of luxury consumption among Ultra High Net-worth Individuals (UHNIs), according to a report by Nuvama.
The report highlighted that 58 per cent of UHNIs spend on luxury vehicles, while 53 per cent prefer jewellery, making them the most favoured categories for high-end consumption. The report noted that UHNI spending is driven by a preference for assets that represent enduring value. These include luxury automobiles, finely crafted jewellery, elegant timepieces and bespoke experiences. It added that consumption patterns among UHNIs are often quiet and deliberate, reflecting a strong sense of legacy rather than an overt display of wealth. When it comes to luxury vehicles, German engineering dominates. About 42 per cent of UHNIs prefer Mercedes-Benz, with some ensuring that their entire fleet consists only of Mercedes cars. BMW follows with 29 per cent. Other luxury car brands owned by UHNIs include Range Rover, Porsche, Rolls-Royce, Jaguar, Volvo and Lamborghini. In the luxury watches segment, Rolex is the most preferred brand, with 27 per cent of UHNIs reporting ownership of at least one Rolex timepiece. Among high-end watchmakers, Audemars Piguet and Patek Philippe are also popular, preferred by 23 per cent and 19 per cent of UHNIs, respectively. Breitling enjoys a loyal customer base, with 19 per cent preferring it, while brands such as Rado, Breguet, and Hublot account for smaller shares. Beyond cars and jewellery, the report shows that 39 per cent of UHNIs spend on luxury bags and watches each, while 17 per cent spend on other luxury avenues such as perfumes, luxury travel, diamonds and clothing. In the luxury bags segment, Louis Vuitton leads preferences, with 35 per cent of UHNIs favouring the brand. Chanel and Herms follow with 25 per cent and 20 per cent, respectively, underscoring a strong inclination towards French luxury labels. Other preferred brands include Christian Dior and Loro Piana. Overall, the Nuvama report highlighted that UHNI consumption is guided by a preference for timeless value and craftsmanship, with spending choices that are understated, purposeful and closely linked to long-term legacy rather than short-term trends. (ANI)
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