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India’s Luxury – A Tale of Paradoxes

September 16, 2012 • GLOBAL ECONOMY, BUSINESS & INNOVATION, CULTURE & LIFESTYLE, Asia - Pacific

By Glyn Atwal & Soumya Jain

As the Indian luxury market enters the next phases of development, the rewards of this potentially massive market will continue to attract investment. However, India is not just another emerging market. The dynamics of the Indian luxury market challenge international luxury players to develop an Indian-driven strategy. The ability and willingness to connect with the Indian luxury consumer can make a difference between wining and losing a share of the luxury rupee. A new era beckons international luxury brands to plan strategically for the future and seize the market.

India today is a case study on how evolving consumption codes have created a consumer society founded on the bedrock of postmodernism. India’s rising economic prosperity has fuelled contemporary consumerism which is clearly exemplifying the transformation of the Indian luxury market. It is projected that the Indian luxury market will reach USD 14.72 billion in 2015¹ with unprecedented growth rates in categories from fashion to automobiles to fine dining. India has often been cited as the next China as international luxury brands enter the market to benefit from the monetary gains of a desire economy. However, the Indian luxury market is not only different compared to other emerging markets, but unique. It is a market of contrasts, contradictions and extremes. It is these opposing forces that need to be understood and integrated into business strategies if luxury players are to leverage growth opportunities and avoid the pitfalls of market failure.

 

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