Crazy rich Indians' esoteric requests are fuelling the concierge services market

As India's ultra-rich population swells, the demand for bespoke luxury concierge services is soaring as well. Their task: Serving high-end, personalized experiences for the well-heeled.

Karan Bhangay, founder of Indulge Global, a Goa-based bespoke concierge service, recently catered to a unique request: A Hyderabad-based builder required the services of Bhangay’s golden retriever Gulzar to entertain children during an extended family vacation in Goa. Half a dozen children under 10 needed not just the complementary services of the faithful retriever, but also had a swimming session planned with the four-legged friend. Later, freshly baked goods were delivered to them from Babka Goa, a high-end bakery in Anjuna.

“We'd like to call ourselves a 'considered' concierge service that pretty much brings in end-to-end solutions for everything our clients want. While sometimes these are paid-for services, sometimes they are obscure and vague and every now and then, as easy as sending across our chief happiness officer, Gulzar, to parties," said Bhangay, who claims to have over 1,000 high net-worth clients.

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Indulge Global is among half a dozen of India's bigger concierge companies serving India's growing population of the super-rich. Their services range from organizing luxury stays and buying precious jewellery to facilitating unique experiences like swordsmanship lessons in Japan. The rise in demand for such services mirrors the growth of India’s ultra-rich population, which is projected to triple within four years, according to industry estimates.

Luxury Concierge Boom

The luxury concierge market frequently has subscription-based revenue models, with companies charging substantial fees for their services. These firms also work with hotels around the world and offer mobility services like private jets and yachts, providing comprehensive luxury experiences.

UK-founded Quintessentially Lifestyle, which levies membership fees of ₹3.5-35.0 lakh annually, claims to have several thousand ultra high net-worth individual (UHNWI) memberships in India.

"Don't ask us how we get a special confectionery cake from Dubai overnight or how we jump the queue to procure the sought-after Birkin bag or how we can get an extra table put at a Michelin-starred restaurant. That's the trade secret. We are a global brand and have a large network across the world," said Quintessentially Lifestyle's CEO Mishti Bose, adding business has doubled since the pre-pandemic period.

The Birkin bag from French luxury company Hermès is made in limited numbers with controlled distribution, priced ₹20 lakh and above.

Manoj Adlakha, former senior vice-president and head of international marketing at American Express, launched Red Beryl, a concierge service in August. Adlakha said the growing number of billionaires in India will continue to drive luxury consumption. “There is a huge inflow of disposable wealth coming from the stock markets and real estate portfolios. India's luxury market is currently estimated at $30 billion and is expected to grow fourfold to $128 billion by 2028. The number of dollar billionaires in India, which reached 130 by the end of 2023, is projected to double by 2028," Adlakha said.

Red Beryl charges an annual subscription apart from a joining fee of about ₹8 lakh. It focuses on travel and personalized services such as organizing tickets for major events and curating exclusive dining experiences. The company focuses on the super-rich between the ages of 40 and 60, typically the second-generation of wealthy families and successful professionals. Last month, his company procured a Ferrari 250 GTO manufactured in 1962 from the US for a client, a lawyer-collector in Delhi who has a fancy car collection.

Beyond securing coveted items and experiences, concierge services place extra attention on the personal touch. Bhangay of Indulge Global said his company flew back a client from Bali to India who suffered a heart attack. His company charges an annual fee of ₹1 lakh, lower than its rivals, rivals to build longer-term relationships.

In India, luxury clients seek holidays, along with visa and passport services, during summer and winter breaks. By July, spending shifts to travel, with patrons attending global sporting events like Wimbledon. Retail shopping peaks around the festival and holiday season.

Rising Billionaires Hold the Market Reins

An overall boom in luxury spending is evident, with Indians now willing to spend far more on themselves than before the pandemic. The number of UHNWIs and high-net-worth individuals (HNWIs) in India—people with an income of $30 million or ₹250 crore net-worth—is about 14,000 and is projected to grow to 20,000 in the coming year.

While luxury consumption in China slumped after the pandemic outbreak, global luxury brands shifted their focus to other markets. One of those was India. This coincided with the growth of new malls for the wealthy such as the Reliance-owned Jio World Plaza in Mumbai. Last year, Aditya Birla Fashion inked a joint venture with the shoe brand Christian Louboutin. Since then, luxury brands like Brioni have entered India, and Europe's largest department store Galeries Lafayette is preparing to come to the country.

Imports of Swiss watches hit a record ₹2,093 crore in 2023, up 16% from the previous year's ₹1,500 crore, despite the rupee's devaluation against the Swiss Franc. Notably, December saw a sharp rise in imports, contributing to India's rise to the 22nd position among the world's largest importers of Swiss watches, up one place from the previous year.

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Chaitanya Sinh, founder and managing director of A La Concierge Services Pvt. Ltd, says India has about 26 million high-net-worth families, a number that is growing faster than anywhere else in the world. “Our goal is to provide a support system for executives, managing both mundane and extravagant requests. From passport and visa renewals to hiring elephants for birthday parties, we cater to all," Sinh said. His company offers services ranging from hot air ballooning in Pushkar to leopard safaris in Rajasthan's Jawai.

Bhangay’s team at Indulge Global, comprising individuals under 25, is adept at quickly fulfilling diverse requests, such as procuring a Chaumet gold chain for ₹60 lakh to recommending the best coffee spots in a New York suburb.

"In all respects, there is an overall boom in luxury spending and Indians have now decided to spend far more on themselves than they did before the pandemic. The UHNIs and HNIs in India, and people with an income of $30 million or ₹250 crore net worth, is about 14,000 people in India, and will grow to 20,000 in the coming year," said Adlakha, adding that's the market he is focusing on.