Malayalees have always been known for their affinity towards gold. People here consider it as an asset, the value of which never depreciates. This is probably the reason why people still prefer spending a lot of money on gold. It seems as though Malayalees are now spending their money not only on gold. The has been a growth in demand for luxury cars in the State.
Recently, Kochi beat all the metros and other cities to emerge as India’s strongest growing market for the sale of luxury cars like BMW, Audi, Mercedes, Jaguar, and Land Rover. The presence of the showrooms of these luxury cars as well as motorcycles like Harley Davidson and Triumph reaffirm this fact. All thanks to the ever-increasing cash inflow from non-resident Malayalees and the willingness of people to spend money and own a car that reflects their status in society. Luxury carmakers say Kochi has been recording a 40 per cent year-on-year growth for the last three years, which is much higher than rest of India, and it now sells more luxury cars than Chennai, Kolkata, and Hyderabad.
However, the picture is not all glossy. Recently, many luxury car owners are complaning of unsatisfactory service from the dealerships. Despite the huge amount of business being generated in Kochi, as the showrooms for a majority of these cars are not located anywhere else in the State, instances of after sale services being not-up-to-the-mark are increasing.