Luxury Goods in India - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-05-01 08:51:03
Luxury goods in India is still at a nascent stage of development. High net worth individuals such as businessmen, senior government officials, celebrities and top management in corporations are key potential customers for luxury goods. As consumers´ awareness about global luxury brands increases, they use such products to differentiate themselves from others. The high net worth individuals frequently buy luxury goods for personal as well as gifting requirements and global luxury brand operators target this group with focused advertising campaigns, special discounts and personalised shopping experiences to enhance sales.
Luxury goods players had previously concentrated on small individual sales outlets in luxury and 5-star hotels in India. This tradition has been shifting to see a number of new outlets across major cities. For example, Louis Vuitton outlets have expanded to several cities and other players are following suit to broaden their consumer base. The latest trend is seeing global luxury brands also concentrating on increasing their presence through large formats in third party retail outlets such as The Collective, from Aditya Birla Group. Luxury players are also targeting well-established shopping centres across major cities of India as they seek to open new outlets.
The luxury goods category is still fragmented and only a few international players have entered India. However, these luxury players are already facing problems in terms of a lack of luxury infrastructure in India, as luxury shopping centres are restricted to major cities and only a small number of players have entered the country. As more luxury players enter India, limited infrastructure could be a major constraint. The luxury players that are present are already targeting high-end shopping streets in major cities to overcome a lack of luxury shopping centres.
Global luxury brand operators are targeting internet retailing as a future emerging channel for their brands. Rising rentals and operating costs are major factors, while the need for well-trained staff to cater to high net worth individuals is another factor that makes internet retailing more attractive for players. Luxury goods players can also offer discounts and promotional campaigns limited to internet retailing channels to promote purchases.
Luxury goods are becoming popular among high net worth individuals, who largely reside in the major cities of India. Luxury shopping centres and premium shopping districts are only located in major cities. The Indian Government has allowed 100% foreign direct investment in single-brand retailing and 51% in multi-brand retailing, which is likely to see more foreign luxury brands enter the country, with new players opening up their first outlets in major cities such as Mumbai or New Delhi.
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