The term ‘Luxury’ defines creativity and research while maintaining aura and interdependence. It is about making an identity worldwide with that swift label and make every consumer in the world envy the resource .
The current market scenario suggests that Indian Luxury retail sector has been steadily yet significantly growing. India has overtaken most countries and is now second to the States when it comes to Luxury Retail segment. The luxury market in India is at a boom and is growing at a fast pace.
The spending capacity of people in India has grown at a tremendous rate. Luxury can be demonstrated as not just buying labels for status, but buying beliefs which are high quality, ethical and offer innovative crafts. Over the decade, the luxury retail segment has come a long way and has evolved and gained importance and success. Some of the major reasons for the prosperity and growth in retail industry pertain to higher level of disposable income and the growth of middle class consumers. Today, due to increase in literacy rate has resulted in growth of income among the population. This increase in income has resulted in demand for better quality luxurious consumer goods which has led to evolution and expansion of retail structure. Rise of consumerism has resulted in more knowledgeable and demanding customers. As the business exist to satisfy consumer needs, the growing consumer expectation has resulted in the demand for more organized retailing in India. This is one of the major reasons for the prosperity and ever increasing opportunities in luxury sector.
The future of luxury in India seems bright enough to make a mark amidst the Indian population and culture.
- Bhavya BhatiaFinal year student at JMC, Delhi University