Up, up and away
Luxury market in India is growing during the pandemic
Luxury
Luxury market in India is growing during the pandemic
Luxury is about exclusive products and services. If everyone owns the same products or services, it is not luxury. By 2025 India will have 2.6crore elite households.
As per Credit Sussie’s wealth report 2020 India has 907,000 adults in the top 1% of global wealth holders, which is a 1.8% share. 4,600 Indian adults have wealth over USD 50 million. About 2.3crore adults have a net worth of $100000 (INR80 lacs). 73% of the adult population had the wealth below $10000 (INR8 lacs). India has about 1000 dolar millionaires.
Michael Solomon wrote in Brand Strategy Insider, “A luxury brand is a complex platform that conveys messages about quality, lineage, status, and taste. It often encompasses a set of visual icons, such as a distinctive logo, monograms, patterns and images. A good example is Bottega Veneta (pictured), whose leather goods display no visible symbols or logo. Those who are “in the know” recognize them by their distinctive weaved pattern.”
There is an opportunity for Indian luxury brands. They can target three kinds of consumers. One, consumers who buy functional luxury goods after research. Two, consumers who reward themselves for their achievements with goods such as automobiles and houses. Three, consumers who indulge themselves on impulse and emotion.