Over the next decade, the Indian luxury market is well poised to see positive growth on the back of economic development, greater connectedness, and policy reforms, all of which will offer a plethora of opportunities for luxury companies to serve young, affluent, connected, and confident Indian consumers.
India is one of the fastest-growing luxury markets in the world. The size of the Indian luxury market is expected to grow from the current US $30 billion to more than $200 billion in 2030 but Covid-19 caused havoc across all industries including luxury. Over the next decade, the segment is well poised to see positive growth through economic development, greater connectedness, and policy reforms, all of which will offer a plethora of opportunities for luxury companies to serve young, affluent, connected, and confident Indian consumers.
Even though India is said to be the emerging market for luxury goods, many businesses were forced to relook at their business models to survive in this new landscape. Luxury companies across sectors, from apparel to auto; from hospitality to health, and from food to fitness, have pivoted their business models to ensure immediate survival alongside long-term resilience and growth. Companies seem to have resorted to various new distribution channels, product line extensions, innovative services, altering product categories, and repositioning themselves to rebound. The luxury industry has advanced five years in just three months.
In the wake of the coronavirus pandemic, fitness freak consumers have been restricted to go to gyms, therefore, the demand for home fitness equipment has visibly increased not just in India but across the globe. To capture opportunities over this change, luxury brands like Louis Vuitton have unveiled the most stylish range of at-home fitness equipment like dumbbells and skipping rope. Similarly in the jewelry industry, we adapted by bringing in new collections like work from home jewelry which includes light pieces of earrings and pendants.
India is home to one of the youngest populations in the world and it will continue to remain so until 2030 and as the younger generation is more confident in buying luxury goods online, it makes the Covid times easier as sales can still be boosted through online platforms.
Even though Covid impacted almost every industry’s business, most of the businesses seem to be recovering now including the luxury sector. Consumers are ready to spend on weddings due to smaller guest lists which seems to be a great factor for the luxury sector, especially for jewelry.