India luxury car market accelerates despite downturn
GREATER NOIDA, India (AFP) - German giant Mercedes admits it was "a little surprised" when Indian customers snapped up 125 of its new top-of-the-line S-Class luxury cars costing US$250,000 (S$317,000) apiece in just 16 days.
India's auto industry has skidded onto an icy patch and is set for a second straight year of decline, but one segment still accelerating is luxury cars.
Analysts at India's premier auto fair in the capital's suburb of Greater Noida last week said for the "really rich", economic downturns have a "negligible impact" on their luxury spending.
The wealthy are much less sensitive to high interest rates and are more resilient overall to downturns, say analysts.