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Brand Luxury

Monday, November 15, 2010

 

Luxury Brands in India are growing very fast. Certain consumer trends are emerging.
 
1)Consumers believe that using Luxury Brands is now their right.
 
2)Consumers are going through a three stage process of Aspire – Desire – Fire. This means that they want to Aspire from Luxury Brands. Their Desire is making them purchase these Brands and their money power Fire is making them use these Brands again and again.
 
3)Consumers are not necessarily going through the stages of necessities to comforts to luxuries. Many of them are jumping straight into luxuries.
 
4)The availability of many International Luxury Brands has made it easier for Indians to indulge in Luxuries.
 
5)Organised Retail, better ambience, good visibility and merchandising is helping Indian Consumers to appreciate and buy Luxury Brands in India.
 
Luxury is nothing new in India. It is prevalent from last 5000 years wherein the rajahs and maharajahs, ranis and kings were known to indulge themselves in luxury. It is nothing new to us and we have always aspired for luxury. Recently, three things have aggravated this in India. Firstly, Hindi films, then our rich culture and heritage and lastly, international travel. Nowadays people just want to move ahead in life. Some have directly moved to luxury and some are moving slowly. But everybody has the desire to move there and believe me that this is a great time for luxury products in India. There is a great opportunity for luxury brands in the market, be it attire, watches, jewellery or lifestyle products.
 
I can predict that in the next 5 -7 years, India will become the largest market for luxury products in the world. Even when people go for luxury cruise, 30 percent of them are Indians. When we go abroad to places like the US, UK or Switzerland, the people spending the most are Indians. I am telling you Indians have a huge spending power. The ‘rahis’ culture is embedded in us since the days of rajahs and maharajahs and we have inherited this trait from them. Not only in products, we crave for luxury in living conditions also. Now we have got five star hotels, spas and apartments. People are moving away from the basic necessities of ‘roti, kapda aur makaan’. After acquiring a nice house, people are aspiring for an air conditioner and car.
 
The top elite have already moved over there and the people below them are getting there. In the last 3-4 years, metros have been the most sought after areas for various luxury brands. In India, there are 35 metros, 300 class II cities, 5700 class III cities and 6 lakh 38 thousand villages. The 35 metros, 300 cities and around 200 small towns are ready to buy luxury products. But I feel that certain villages also aspire for these luxury products. Small villages like Pimpalgaon (Nashik) and Tirupur near Coimbatore are also ready for luxury products. They have their farm wealth and industrial wealth and professional wealth. They come finding these luxury products to big towns and cities. Television, which I call the electronic distribution, is present everywhere equally. What the people in metro watch, is also watched by people in small towns. So India is ready, consumers from class I and class II cities are ready for luxury products. But the big question here is, are the marketers ready to sell? I don’t see any money block only mental block. I think availability should be there for the consumers of all class of cities.
 
In the case of Branded Jewellery, Luxury Brands like D’damas, Asmi, Nakshatra, Kisna, Agni, Tanishq and Luxury is being consumed across the metros and mini-metros as well as small towns, this is because of advertising as well as distribution. Luxury Brand of Jewellery is being made available through distribution, through franchisee as well as through shop-in-shops. The wide range as well as certification is helping Luxury Jewellery Brands grow very fast. Magazines like JCK and exhibitions organized by them are also helping the Luxury Branded Jewellery culture of the Indian Consumers.
     
The emergence of the Indian Luxury is not surprising, this is because the Indian Consumer always has the money and the dreams, but there was no easy availability of Luxury Brands. Today because of reaching out there has been a multiple growth in sales. Luxury Brands in India are going to bring back the glorious days of Maharajas and Maharanis of the golden part of this wonderful country called India. Three Cheers to Luxury Brands !!!!
 
Copyright © 2010, All rights reserved with Jagdeep Kapoor – Managing Director, Samsika Marketing Consultants Pvt. Ltd.
 
No part of this document may be modified, reproduced, stored, deleted or introduced in any retrieval system or transmitted in any form or by any means (Electronic, Mechanical, Photocopying, Recording or Otherwise), without the prior written permission of the copyright owner of the document.
 
The author is Jagdeep Kapoor, Brand Guru, Chairman and Managing Director of the successful Samsika Marketing Consultancy.

Tel: (022) 28477700/7701 (022) 28470214/15

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