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Growth of Luxury Market in India

Growth of Luxury Market in India
Growth of Luxury Market in India

MARKETING

Growth of Luxury Market in India

There is twenty-one percent Growth in the market of luxury items in India from last year. As the middle-class incomes spiked, more money is at disposal for spending. People is spending on manifesting unfulfilled wants in their life. There is the method and aggressiveness in the patterns and desires are spiraling. With a capacity to reach the $100 billion in the next few years the Indian luxury market is at present stands at $18 Billion mark.

Trends of spending are new; the growth of the luxury market is predominant in non-metro city’s market grew in these places by the whopping 45{e7dc6fb6a411593559bed1d9924d8030d60fc3f24c9293f7c98c249df74a0c2f} in last two years. The Tier I and Tier II cities take a major chunk of the growth. Metros are doing steady progress. The luxury car segment of BMW, Mercedes and Audi have zeroed on to sentiment well and their sells have increased in the high percentage in the last few years. Similar case is with large capacity washing machine and the double door refrigerator segment. These items are selling as hotcakes. High pay checks and less free time is making people to buy luxury items. It reduces their time on household work of cooking and washing. Money making has gained importance on others. But the costly luxury cars are symbols of style and affluence. The luxury car segment offers mouthwatering loan options too. Diamonds and Jewellery are as usual on the list. The luxury Market is reflecting the sentiments of the new Indian consumer.

Growth in affordable luxury items is a prevailing trend in the market. The change in life styles the luxury items of the past have become necessities and buyer are going for them without having a second thought. The premium houses specially priced to suit the new wealthy middle class compared to super luxury homes. High end TV panels, Smart watches, fitness bands, and headset are on the priority list of the modern buyers. With high incomes the wellness industry is spreading in the country. People spend leisurely on wellness products to beat the grind and tiredness by stressful routine life.

There is the sea change in the spending habit of the middle class consumer. High disposable income in hand people are spending in non-traditional areas. The spending is now beyond children and family as seen in last century. Technology and e-commerce has brought the wide changes and the consumer can now carve the desires at their will and wish. New service providers are ready to satisfy their customers. Increasing internet penetration is driving young consumers to search for new trends and designer retails to meet the requirements.

The improved infrastructure and more accommodating regulatory regime is attracting the multinational retailer in luxury business to India. Earlier it blocked growth because of high import duties and market of fake in costly luxury items. In near future regulatory regime may relax further. Overall, a promising condition is for the luxury Market growth.

Growth story has begun, Lamborghini, Ferraris and Designer Yachts will come soon.

Disclaimer: The views and opinions expressed in this article are those of the author(s) and do not reflect the official position of TheTerse.in. Article had been published on as-is basis and TheTerse.in does not assume any responsibility or liability for any information(s) on this article.

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