The millennials in India account for a significant customer-base, making them all the more important for the success of various domestic and international companies operating in the country. India is one of the fastest-growing markets for luxury brands, wherein the demand is mainly led by a vast majority of youth— spending a lot on luxury products and services across the nation.
According to a report by American Express, a New-York based credit card issuer, the millennials account for 37 per cent of the company’s user base in India, while accounting for a third of all luxury spending done on the company’s base of card users.
As per the industry experts, the demand will only increase from this point, as international luxury brands are also striving to meet the expectations of Indian affluent consumers. This is where India’s luxury paradigm is changing with luxury experts like Gaurav Bhatia introducing MAISON, a young and audacious luxury, bridge-to-luxury and lifestyle advisory cell that shares the magic of international brands with India.
MAISON offers holistic branding and business development services to clients, including marketing and business solutions, branding and rebranding solutions, communication and content creation, PR, digital strategy, etc. It also helps brands in recognizing opportunities to build, grow and sustain their business, while offering continuous marketing solutions to them.
With an increase in the purchasing power among the upper class in tier II and tier III cities, the young affluent Indians have been exposed to the international luxury brands, thereby fueling the demand for luxury goods. The positive regulations and policies for the retail industry have further bridged the gap between international brands and the millennials.
By 2022, India is expected to become the youngest country in the world, with an average population age of 29 years. The country’s youth is connected to global trends and aspires to enjoy a lavish lifestyle. Thus, the role of luxury and lifestyle advisory cells like MAISON becomes all the more important. The company can help the brands to create visibility and open new markets, while sharing the magic of these brands with Indian youth.