India's Turn Towards Luxury
India is no longer age of old money,India is going on a spree of westernization since liberalisation, the advent of luxury is not new in India,the rich tastes of maharajas and nizams is a proof of luxury market in India.
Taking back a look 10 years ago when luxury brands virtually didn’t have any presence in India,they are opening up new stores for consumers, luxury goods were back then imported by very few sellers,but scenario has changed a lot from then.Global luxury brands have found India to be lucrative market,with consumers growing rapidly
Rise of HNI individuals in the country,the new generations of HENRY’s, born after the liberalisation of 1991, HENRYs – High-Earning, Not Rich Yet – in India. HENRYs earn over Rs 40-50 lakh a year. Many start out by consuming luxury as an indulgence, but come to regard it as a necessity. Buying luxury is about more than appreciating fine craftsmanship – it is an affirmation of one’s accomplishments to oneself and the world.Over 20 years of liberalisation, nearly three decades worth of mixed-economy disdain for opulence and indulgence has faded, and India is rediscovering luxury on its own terms.
The growing number of demanding consumers, who are as price-conscious as they are brand-conscious, is forcing luxury brands to move out of five-star-hotel cocoons into malls. While a couple of malls sell only luxury, hybrid malls sell luxe and premium brands.
The start of e-commerce has not only made luxury accesible for all, but increased the no of consumers drastically.In the present scenario every major fashion e-commerce website has a separate approach to luxury buyers.Website like Ajio and Tata Cliq have started there exclusive brands as cliq luxury and ajio luxe which cater only luxury brands.These websites not only offer luxury goods but also started delivering a experience which is a essential part for luxury goods buyers.Starting from premium packaging,faster delivery and so on, they complete the experience of luxury goods.
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