Billionaires’ wish: Concierge companies rise to serve India’s richest

A concierge is like finding a genie. They can do everything from booking an island to booking a yacht to arranging a meal in a Michelin star restaurant or organizing your in-house parties and acting as a personal shopper

Want to book your seat in the city’s most awaited international concert? Or attend a celebrity meet and greet event or have a session learning a musical instrument from top of the league global artists. From sourcing limited edition collectibles to curating holiday experiences, wedding services and planning, personalized shopping assistance, priority dining reservations – a concierge service provider is a de facto genie for high-net-worth individuals in today’s world. Typically, their team comprises lifestyle managers who go an extra mile to fulfil even the most unique and unusual requests from their members.

“Concierge services have grown phenomenally post Covid,” says Mishti Bose CEO- Quintessentially India, a global bespoke concierge and lifestyle management services company- “And Covid is something that changed the way people consumed in this country and I am referring to the UHNIs in particular. Well-heeled Indians are itching to spend on experiences rather than spending only on possessions, primarily driven by the YOLO (you only live once) phenomenon and realizing the long-term value of indulging in experiential luxury. It’s no longer about just following trends, but about fulfilling personal desires and tastes. These aspirations and change in mindsets especially after the pandemic have led to increased spending on living a fuller life and thus led to a positive impact on our business. There is also a huge focus on learning new things. Today somebody wants to learn a particular sport with a sports celebrity or learn music from a music maestro or savour a unique wine making experience.”

What are some of the most interesting requests that Quintessentially India has fulfilled for its clients. Mishti Bose shares that they have done everything from curating a private wine tasting for a member and their family and friends in a preserved castle with a vineyard in Tuscany to organizing a private driving experience in the countryside with Aston Martin for a member who is an ardent James Bond fan. In yet another case, they had arranged for private flying lessons over the British countryside for a member’s son and assisted a member in purchasing a purebred, showjumping and prize-winning young stallion for his daughter. And for a member’s son, a budding athlete they even managed to arrange for private coaching lessons with Gavin Rumgay, one of Britain’s leading table tennis players and the current World Championship 2020 bronze medalist.

As customer tastes change, there is a greater focus on tailor-made and experiential services in the concierge sector. Luxury concierge services cater to high-net-worth individuals, offering personalized assistance for a variety of needs, ranging from travel arrangements and event planning to lifestyle management and access to exclusive experiences.

The Global Concierge Services market, currently at 737.79mn (est. value in 2023) is predicted to reach approximately USD 1300.41 million by 2032, at a CAGR of 6.5% from 2024 to 2032, as per ECON Market research. The exact size of the luxury concierge services industry in India has yet to be discovered but industry executives estimate it to be around Rs 500 crore. This includes services for both individuals and companies. In India, the market is expanding rapidly, driven by rising disposable incomes, urbanization, and a growing middle class seeking convenience and luxury services. The Asia-Pacific region, including India, is expected to experience the fastest growth in this sector.

Some of the key concierge service providers in India include the likes of Quintessentially India, The Black-Tie Service, One Concierge, T’Rouge Concierge, Les Concierges India, Connoisseur Concierge, Knights & Lords, Elysian Luxury Services and PURE Entertainment Group.

According to Mumbai based 40-year-old fintech entrepreneur Ayaan Ali, “Time is my most precious commodity. With a luxury concierge, you get to reclaim hours you’d otherwise spend researching, booking, and coordinating. They’ve got the connections, the know-how, and the finesse to orchestrate a seamless experience. Your job? Simply show up and enjoy the ride. Then there’s the expertise. These folks are like the wizards of travel, with insider access to exclusive events, hidden gems, and bespoke experiences that aren’t listed on your standard travel websites. Once I asked them to book a private tour of a historic vineyard and it was done. They make the impossible possible and the ordinary extraordinary.”

Services can be availed via membership or per on-demand request as well making the proposition really attractive for those last-minute special requests. However, membership charges can be anywhere between 3 lakhs per annum to 30 lakhs depending upon the extent of the services. And these are just the membership charges. Depending on the requests, the actual cost incurred to fulfil the request may change subject to its complexity. A global chain like Quintessentially India has an annual fee with basic membership for Rs 3.5 lakhs to Rs 5 lakhs and elite membership (that gets you lifestyle managers globally) for Rs 15 lakhs to Rs 35 lakhs.

The luxury concierge industry in India is relatively new but growing rapidly. As the country’s affluent population increases, so does the demand for high-end, personalized services. India has a significant number of HNWIs, with Mumbai, Delhi, and Bangalore being the primary hubs. These individuals are the primary clientele for luxury concierge services, seeking bespoke experiences and exclusive access.

But there is another emerging kind of concierge service- one which takes care of day-to-day pain points. Take the case of Pinch which is in the “business of solving daily micro stresses of people so that they can devote this time with families, friends and can have a stress-free life.”

According to Nitin Srivastava, Co-founder and CEO of Pinch, “At Pinch, we offer personalized home services to busy professionals managing demanding schedules and looking to enhance their overall well-being, by assigning each family a Lifestyle Manager who takes care of all their household needs. A Lifestyle Manager serves as an extension of a family, understanding their immediate concerns, anticipating their needs, coordinating and managing all their home tasks, and removing the micro-stresses in their lives. By doing this, they help individuals make more time for other pursuits that they find joy and meaning in.” They take care of manpower recruitment, training and management; housekeeping, repairs and maintenance; home interiors and renovation or relocation, meal planning and grocery management, care and wellness, bill payments, travel and reservations and out of home errands.

Operators like Pinch have a subscription-based model with monthly subscription fee of Rs 29,999, inclusive of GST. Additionally, any purchases or transactions executed on the customer’s behalf are invoiced at actual costs incurred.

Elder care is a new emerging segment for concierge service providers. With the rising population of senior citizens in India, today there is demand for home concierge services that cater to the unique needs of the elderly, providing them with the support and convenience they require to live independently and comfortably.

Concierge services in India often need to navigate complex cultural and religious sensitivities. The industry experiences seasonal trends, with peak demand during major festivals, wedding seasons, and holiday periods. Concierge services often ramp up their offerings to cater to these seasonal spikes.

PRICE CHART

What is the ballpark cost of concierge services in India? The table below will give you an idea: