Beyond price tags: What does luxury mean in the market today?

Beyond price tags: What does luxury mean in the market today?

In the world of ever-changing fashion and lifestyle trends, luxury is stated as the new normal. What was earlier thought to be vested in the hands of a few, has now opened to a broader audience, thus making the luxury industry a billion-dollar worthy market.

Luxury means different to different people. But one thing that brings people’s perception into unison when talking about luxury is that it is an experience extending beyond possessions. It can be through customer service or eccentric or tailor-made offerings. Today, brands focus on providing products that are unique and less replicable.

It is believed that quality and craftsmanship is definitely a selling point but not the ultimate deciding point for Indian luxury buyers. Luxury is more like your take on how you want to cater to the consumers. Today’s consumers would like bespoke services not through showing off the brand but more through superlative quality and designs.

Today, luxury retail products have made Indian players consciously make efforts for offering high-end products in terms of design, quality and aesthetics. This partially explains the successes of modern luxury brands.

Luxury is no more constrained to just the labels of “Made In” slapped on the product or expensive offerings. With the culture of impermanence emerging, the generation of millennials is resorting to unpredictability, whether it be fashion, personal or economical. Luxury is deemed as the lookout for excellence when you don’t want to compromise on the quality.

Although the demand for luxury is not gender-dominated, fashion-oriented working women are, however, observed to drive India’s $9bn luxury market pre-dominantly. “A growing number of young working women (with high paying jobs) having increased awareness of global fashion and beauty trends are driving up the demand for high-end luxury products and accessories across various segments, be it jewellery, watches, apparels, footwear, cosmetics and others,” noted a survey conducted by the Associated Chambers of Commerce and Industry of India (Assocham).

Luxury, by definition, is scarcer, and thus, preserves a high value. With the country’s increased economic growth followed by high-income earners, the desire for luxury is rising among people, especially young affluents and women.

Considering India’s exclusive ties with luxury since yesteryears’, it is likely to stay afloat for the years to come, with an emphasis on not being opulent but subtle and discreet.

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