If you’re in a bad mood, turn on the red light. If you’re calm, switch on the blue light. And if you’re sleepy, the lavender light should be good. Mood lights are among the latest offerings that ultra high net worth individuals (UHNIs) are customising their homes with.
Economic slowdown and belt-tightening may hit you and me. But not HNI households, that is, whose net worth is at least Rs 25 crore. Their spends haven’t come down. On the other hand, extravagance has acquired a different dimension — exclusivity. So, it is not enough any longer to have something expensive. That’s passé. You have to have what no one else has — whether it is customised yachts, exclusive vacations, destination weddings or a Manchester United interior for the car.
A Kotak Wealth-Crisil 2012 report on UHNIs shows their expenses have risen to 28.2 per cent of their total income (2011) from 22.4 per cent in 2010.
“HNIs are always looking for something unique. They are willing to spend any amount as long as it gives them the exclusivity,” says Mr Jayendra Kachalia, Director with Navnit Marine Pvt Ltd, which sells a wide range of luxury yachts.
Customisation can be either indoors or outdoors. In yachts, for instance, modifications can be made in the placing of the fly bridge or deck. “Implementation of latest technology, like ‘stabilisers’, is also gaining popularity,” said Mr Kachalia. Stabilisers maintain the equilibrium of the yacht in rough waters.
“Exclusivity is a major driving force behind luxury car purchases and, many a time, even established brands/models are not considered because they lack exclusivity or are seen as mass luxury cars,” said the report. The BMW, Audi and Mercedes top the UHNI aspiration list. Club Torque, a first-of-its-kind car club, has also seen much demand for exclusive cars by the young UHNIs.
This club allows its members to borrow top-end luxury car models. “People are interested more in the experience rather than the car itself. But it is exclusivity that they are looking for,” said Mr Amit Jain, Chief Executive of Club Torque. At present, the club has Ferrari F430, Audi R8, Porsche 911, BMW Z4 and Mercedes E-Cabriolet as a part of their collection.