THE PROMISE OF LUXURY

The luxury market in India shows promise despite slow growth globally. Investing in building an enduring relationship with a consumer, who is spoiled for choice and has a short attention span, is what will help brands elevate their game.

- BY JYOTSNA SHARMA

THE LAST COUPLE of years have seen a massive increase in luxury consumption in India, especially in Tier-1 and Tier-2 cities. A few days ago, at a meditation session in Chhatarpur, New Delhi, a lady walked in wearing a Panthère de Cartier bracelet, a Richard Mille watch, and a Chopard necklace. Perhaps it is easier to connect to your higher self when dressed to the nines. Gone are the days of having one statement piece of luxury on your person—and that too only at a party. Most of the time, that statement piece was either passed down through generations or a well-thought-out birthday or anniversary present.

These days, people adorn themselves with top brands whether they are going to a meditation session or a party. Some friends say their morning school run to drop off their children is no less than a fashion parade. Each family has two to three luxury cars; our malls are packed to the gills with people splashing out on brands that, until a few years ago, were only available in Europe or the Middle East.

People are no longer buying luxury to celebrate life events; it has become a way of life. Moreover, women in India are now buying themselves all the luxury they desire and are not dependent on men to do so. This points to growing affluence and the desire to own the very best in luxury — good news for global brands.