The luxury sector in India continues to grow on the back of rising disposable incomes, high brand awareness amongst the youth and increasing purchaing power in small town India.
EVERY year as I work on the BW Businessworld annual luxury issue, one of my favourite pass times is to visit the DLF Emporio mall — the Mecca of luxury — in Delhi’s plush Vasant Kunj area and loiter around. I admire window displays, walk into stores, enquire about products, chat with sales attendants and most importantly, observe other shoppers. From the grandmother who wants to purchase a Baby Dior outfit for her granddaughter’s first birthday, to the husband who wishes to clasp the Cartier ‘Love’ bracelet on his wife’s wrist, from the young teenager looking to buy a monogrammed bag as the perfect college bag to the professional who prefers to buy an understated bag that exudes luxury, they are all there. And while I try on a Jimmy Choo shoe or admire myself holding a Dior bag, I overhear snippets of conversations and get a pulse of the luxury sector in India.
Over the years, the luxury consumer has become more confident and aware and knows his/her mind. Whether it is a textile mill owner from Ludhiana who wants a Rolex to impress his foreign clients or the lady from South Delhi who wishes to buy a bag from the latest fall-winter collection or the family from Chandigarh where all 10 members from the groom’s side order the same made-to-measure suit for the wedding to match with the theme, the luxury consumer is splurging. Little wonder then, that the luxury market is growing at a compound annual growth rate (CAGR) of 25 per cent and is expected to cross $18.3 billion by the end of the year, according to an Assocham study. Amitabh Kant, the CEO of Niti Aayog has gone as far to say that the luxury market has the potential to grow to $50 billion by 2020 and to $180 billion by 2025.
WHAT’S FUELLING GROWTH?
This story is from the October 17, 2016 edition of Businessworld.
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This story is from the October 17, 2016 edition of Businessworld.
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