As Diwali festivities approach, the demand for luxurious items in India is flourishing. With the country’s vibrant culture and growing affluence, more and more foreign brands are flooding the market with high-end designer goods. Times of India takes a closer look at the recent influx of foreign luxury brands and what it means for the future of India’s luxury market.
1. Luxury Brands Flocking to India for Festive Season
The festive season has begun and that means luxury brands are out in force competing to woo the newly affluent Indian consumer. As an ever increasing number of millionaires call India home, luxury retailers are in a close race to capture the wants and needs of the country’s ever expanding cherishing class.
- Rich Heritage – From Sabyasachi to Anita Dongre, more and more designers are flocking to celebrate traditional craftsmanship and Indian culture, by redesigning traditional styles into luxury fabrics. With the power of digital retail, luxury designs are now being made accessible right to India’s doorsteps.
- Modern Age – Discounts and offers are the order of the season, with many of the top fashion houses introducing modern dynamic pricing. Designers are eager to showcase their craftsmanship to ambitious millennials, many of which have been nurtured on social media.
As luxury brands become more affordable in India, these fashion houses are certain to become even more popular during the festive season. It’s time for easy fashion, luxurious fabrics, and quality craftsmanship!
2. Big Labels Eye Increased Indian Affluence
Since India’s economic reforms in 1991, the country’s consumer class has been revolutionized. The welcome combination of increased affluence and a growing population has made India an incredibly attractive investment target to multinational corporations.
It’s no surprise then that the world’s largest labels have sought to capitalize on this trend. The despicable practices of fast fashion conglomerates have been called out for many years, but they’re not alone in the Indian market. Many regional, lifestyle and luxury brands have set their sights on the youthful Indian consumer.
- Regional and local companies have seized the opportunity to bank on popular tastes. A country with such a strong cultural identity needs labels that we can identify with – Indian labels have stepped up to the challenge of creating better products for the local customer.
- Directory mall owners have also sought to capitalize on the country’s new-found wealth. With multiple locations in major cities, these shopping centers bring big brand names into a luxurious environment. All this serves to reinforce the idea of exclusivity to certain fashion goods.
- Luxury brands are also sought out by Indian consumers who want to make a statement. From Prada to Pucci, top labels have been putting their products into the hands of India’s elite consumers.
3. India Experiencing Uptick in Luxury Shopping
India is quickly becoming a luxe-shopper hot spot. With high levels of disposable income and fashion-savvy consumers, India is becoming home to exclusive international stores, luxury pop-ups, and lavish shopping sprees. In fact, between 2017 and 2018, the luxury retail space in India experienced an impressive 20% growth rate.
It seems that no luxury brand is safe from the India-effect:
- Major fashion houses such as Fendi and Louis Vuitton have made their presence known with exclusive stores in Mumbai and Delhi.
- High-end retailers like Saks Fifth Avenue and Harvey Nichols have also set up shop in some of India’s most affluent cities.
- Online retailers such as Farfetch and Myntra offer consumers the opportunity to purchase luxury goods from the comfort of their own homes.
The luxury retail industry in India is certainly not showing any signs of slowing down. As more shoppers enter the market, luxury brands are scrambling to keep up with the demand. It’s an exciting time to be a shopper in India – and it looks like luxury shopping is only getting better. The future of luxe shopping is here.
4. Making the Most of the Indian Market’s Potential
India’s potential market is immense, full of opportunity and potential. With its vast population and growing economy, businesses have a lot to gain by . Here are some tips for doing just that:
- Utilise Local Partner Benefits: Partnering with local firms can provide potential benefits for businesses looking to expand their presence in India. The knowledge, expertise, and networks that local partners have in the country can help foreign companies navigate the challenging local landscape.
- Leverage Social and Digital Media: Social and digital media can be used to reach a local audience faster and at a fraction of the cost of traditional advertising. Companies should have an active presence on platforms popular in India, such as Youtube, Facebook, and WhatsApp, to reach out to potential buyers.
- Adapt to Local Needs: Businesses need to carefully consider the local market conditions when entering the Indian market. Adapting products and services to local conditions, needs, and tastes can help companies achieve their desired results.
- Rely on Local Insights: Get insights from experienced local people. Local knowledge can be collected from local suppliers, customers, consultants and service providers who can provide an understanding of how things work in the local Indian market.
The key to success in India is having the right strategy for the right market. Businesses should take the time to research and understand the Indian market to make sure that their efforts are targeted for maximum impact.
It is never too late for foreign luxury brands to tap into the growing Indian market, but this festive season looks especially promising for them. From classic fashion designs, top-notch technological products to exquisite jewelry, Indian customers can expect to get names of some of the finest international labels. As the Indian affluence continues to expand, the festive season may well usher in more big-brand entries in the coming years.