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Did you know the US is the biggest in the Luxury Retail segment, and even more shocking, India is right behind it? Partly due to the growing spending power Indians, and the ever-growing popularity of online shopping in India means that Indians are ready to go the extra mile to feel really luxurious. Even so, people do really like to touch and feel the products before buying them. So even without the comfort of online buying, the Indian luxury market is seemingly on a rise.
But that is how the commitment is toward any product that people believe is of high quality. Mass produced products are on the decline as people believe in buying quality products which have an ethical cause and is innovative as well. Anyway, individuality on the rise and one size does not fit all.
The shopping scenario is in a transition and people too are embracing the change. Just the fit and quality aside, they are also looking for a splendid shopping experience and accurate guidance they can trust, along with the comfort – for the price.There are many brands entering the Indian market, some, their second time. The growing market is attracting them like a moth to the flame. Plus the development of real estate for retail has added to the boom. With global brands coming in all the sectors, this trajectory will only rise.
In fact, according to a study, retailers prefer re-launching their stores in major metros before expanding to other cities like Bangalore, Chennai, Kolkata, Hyderabad and Pune.The growth of middle-class consumers and increased literacy rate has helped in this regard. Knowledge means demand for better quality and an eagerness to look different, thus shifting the spending habits among consumer.
It has all taken place in the last decade. Global brands have made a presence in the market while some have bowed out of the market citing the lack experience of the market for them. One more important point is the usage of social media. The trends in social media platforms like Facebook, Instagram and Twitter have given rise to the ‘show-off’ culture. Added to the fact that people are now easily able to procure a review of the product to be purchased, the social media has had a positive growth in the retail sectors. Preferences, experience, an overview of designs, trending varieties, silhouette knowledge are factors considered by an average buyer today.
And the market seems to be taking into consideration, all these factors. Even though demonetisation caused fluctuation in the market, the segment has held its ground. There has been a 12-15 per cent growth in the business. It is all because with the luxury it is not only about the product but about the start of a relationship with the customers.