Luxury Consumer Goods Market in India



The notion of luxury has been available in market in numerous forms since the inception of civilization. It has vital role in primeval western and eastern realms as it is in contemporary cultures. There is clear differences between social classes in earlier civilizations, the consumption of luxury. It was basically used by people of high socio economic status. In fundamental term, a luxury brand or status brand is a brand for which a majority of its products are luxury goods. It consists of certain brands which are linked with luxury, high cost, or premium quality.

 

 

India has experienced a persistent flow in consumer purchasing power since last few decades. The Indian customer has become richer and eager to accept western luxury products. Therefore Indian market is flooded with international supermarkets chains, department stores and mass retailer. Luxury is a continually evolving and subject. Brand is a influential tool to entice more consumers to buy specific products.

 

Though in Indian scenario, there is an economic slowdown, the luxury business is flourishing. The remarkable growth in the number of the super-rich has laid the groundwork for the entry and progression of luxury brands that cater the needs of individuals.

 

With the speedy development of internet technology, common man has easy online access to all types of brands available in market. With online search, consumer is more aware of range of fashion and luxury brands, their origin, services, and their speciality. These luxury brands have easily arrived to their home.

 

It is assessed by economic and business researchers that luxury products market is successful in Indian land. People such as IT professionals, government officers earn high-income which has brought a radical change in the expenditure pattern on luxury products. Especially, youngsters spend more money on luxury products and order online on given prices to enjoy the latest fashion. It is observed that people do not think much before spending on a luxury brand if it caters to their needs and required specifications. Today Indian consumer is more flexible in buying premium quality products and spending money on luxury items because it may enhance living standards.

 

Another substantial factor that enhanced the luxury market in India is the development of supermarkets and high-end luxury stores. It provides lower prices, especial marketing schemes and higher availability and higher customer consciousness. The luxury online shopping portals have grabbed this opportunity to make available these high end brands to the customers at reasonable rates as compare to traditional stores.

It can be inferred that luxury products have different meanings for different people. For some customers, luxury merchandises provide a means to lifestyle, others adapt luxury to their lifestyle. The opinion varies with the development of the market and the exposure to which the consumers have been exposed. It is appraised that India as a retail market is not constant. Instead, Indian luxury market in growing at rapid rate. Few business actors have been able to fulfil the needs of the Indian luxury consumer. To thrive in India as a merchant in luxury product business, it is necessary to assess both, the financial potential as well as the attitude of the Indian luxury customer.

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