Luxury Fashion: An Integral Part of The Indian Society.
[Dissertation (University of Nottingham only)]
Today’s brand conscious Indian man drives a Porsche Cayenne SUV, wears Ermenegildo Zegna suits, his wrist is adorned with a Patek Philippe watch, his eyewear are of Prada, and his shoes of Salvatore Ferragamo, his brief case from Mont Blanc and his mobile phone of Vertu. The fashion conscious Indian woman of today, carries off outfits from Stella McCartney, bags of Louis Vuitton, jewellery of Bvlgari, Cartier, etc and wears a priceless attitude, ending up looking absolutely drop dead gorgeous.
The luxury market segment has expanded in India. With the income levels going up, customers prepared to buy luxury brands are multiplying. The knowledge company Technopak 2006 report estimates that there are about 1.6 million Indian homes earning about Rs. 45,00,000 a year which is expected to cross Rs. 1,00,00,000 crore by 2010. These households spend over 400,000 every year, giving a market potential of about Rs. sixty five crore i.e 14.4 billion USD on premium and luxury goods. The number of such households is increasing at the rate of twenty percent annually according to Truly Times 2009. The KSA report estimates that the market for luxury and high end clothing in India is Rs. 1000 crores and for accessories another Rs. 1000 crores.
Luxury goods marketing is a different ball game as the type of customers involved, fall in a different category altogether. Sensory gratification and social approval are the primary factors in selecting a prestige product. India’s nouveau riche is spending like never before and high end retailers from Hermes to Tiffany are eager to oblige.
This dissertation is aimed at providing a panoramic overview of the Indian luxury segment with an exploratory study of why do people buy brands with insights, on the luxury brand consciousness of the Indian population, and the impact of celebrities on the Indian consumers.
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