BW Businessworld - November 02, 2024

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BW Businessworld's Latest Issue Decodes India's Luxury Market & Festive Economics

The issue explores the concept of responsible luxury and highlights the festive season. It looks at tech impact and the surge across ecommerce, automobiles, jewellery and consumer markets



BW Businessworld released its latest issue, delving deep into the transforming definition of luxury in India and the promising festive season outlook. The edition showcases exclusive insights into how luxury brands are adapting to evolving consumer preferences, with a special focus on sustainability and technological integration.



A Move Towards Responsible Luxury

The issue stresses the luxury sector's increasing emphasis on sustainability and technological advancement reflecting the evolving preferences of today's well-informed, conscious consumers.



The cover story in this edition features Bollywood actor Ayushmann Khurrana speaking about style, luxury and meaningful connections with the audience. The actor emphasises the significance of luxury brands making meaningful commitments, a sentiment echoed by several industry leaders who offer their perspectives on emerging trends.



Tech In Hyper-personalised, Sustainable Luxury

The issue also explores how cutting-edge technology is altering the luxury sector. From enhancing customer experience to enabling hyper-personalisation, technology is pivotal in helping brands shape their sustainability journeys. The evolution redefines how brands interact with their customers, making personalisation a cornerstone of the luxury experience. By employing data-driven insights, luxury companies are crafting bespoke experiences that cater to individual preferences, solidifying their success.



Second-hand Luxury Market

The issue highlights a significant shift in India's luxury market dynamics, with projections indicating that the second-hand luxury goods sector will reach $1,556.2 million by 2032. Sustainability in luxury is also marked by the growing trend of second-hand luxury goods. Conscious consumers are increasingly favouring the resale of high-end items, prompting major luxury brands to embrace the resale of pre-owned merchandise. By integrating the resale market into their retail strategies, brands are ensuring quality control and expanding their market reach.



Festive Season Powers Economic Growth

A special feature in the issue examines the economic impact of India's festive season, particularly Diwali across various sectors. Retail giants like Flipkart and Amazon foresee record-breaking sales between October and December, with this period accounting for 30-40 per cent of their annual revenue. Similarly, the automobile industry projects a robust 15-20 per cent boost in sales, driven by festive discounts, new model launches and heightened consumer demand.



The festive season also brings a golden opportunity for the jewellery market, especially with a renewed interest from young consumers. The period witnesses a frenzy of purchases, driven by cultural and traditional associations with gold as a symbol of wealth and good fortune.



The festivities are a boon not just for jewellery but also for industries such as electronics, apparel and fast-moving consumer goods (FMCG). Retailers are capitalising on the active consumer sentiment, with high sales volumes and attractive discounts fuelling growth. The seasonal upswing in business activity serves as a testament to the intricate link between cultural celebrations and economic prosperity in India. The period also traditionally witnesses a bullish trend in the stock market, driven by cultural associations with prosperity and auspiciousness.