Fashion and beauty conscious and ultra affluent working women in India are driving up growth of India’s $9 billion worth luxury market and account for an overall market share of about 15% in this regard.
India is home to over 1,200 ultra affluent women with a combined net worth of about $100 billion with a large number hailing from Ahmedabad, Bengaluru, Chennai, Delhi –NCR, Hyderabad, Jaipur, Kolkata, Mumbai and Pune.
There is a growing number of young working women with high paying jobs having an increased awareness of global fashion and beauty trends who are driving up the demand for high end luxury products and accessories across various segments be it jewellery, watches, apparels, footwear and cosmetics. Women are now more conscious of their appearances and are open to investing in luxury products. The professional women are emerging as new decision makers and make most of their household purchases, so it is imperative for luxury brands to open dedicated women’s stores and expand their products to build a long term relationship wit this new breed of luxury spenders. On a survey that was taken, 20% of the total respondents said they purchased only luxury products owing to their quality control and easy availability both on line and offline. It is the high quality of these products that has an edge over the other more reasonable products.
Jewellery, watches, apparel, accessories, personal care and electronic products are the top five categories for women luxury buyers. With the growing awareness of global brands and the luxury distribution, there is a fair penetration to smaller cities as well.
The high end brands are now flocking to India with a better strategy, customized products and prices that are more suitable to the consumer.
[ Via : Indiatimes ]