Over the past few years, luxury market has emerged in India to a much higher scale. Luxury defined as ‘anything that is desirable & more than necessary and ordinary’ is no longer a privilege to a few groups. With the presence of pre-owned luxury market and increasing purchasing power, especially amongst women, a larger consumer base has evolved. Indian fashion market is rapidly changing to redefine fashion market in our country.
As per the reports luxury market has increased by leaps and bounds in the past few years and is expected to further rise by 30 per cent in the next 3 years. As for the pre-owned notion, more and more luxury consumers want to enjoy the luxury of owning premium products at reasonable/ discounted prices.
Here are some key trends that have driven the growth of pre-owned luxury market:
Online Shopping - The presence of omnichannel for luxury shopping is being widely accepted in the Indian market, people are now becoming more and more comfortable with shopping online, as they can now compare products / prices at the comfort of their own space.
Safer Payment options - With the increasing options of easy and safe payments, consumers are slowly becoming easy on big online payment.
Social Network - All thanks to social media marketing, consumers have better access to the needed information. Also social media is greatly responsible for spreading brand awareness amongst people that has ultimately increased demand.
Increasing outreach - Brand awareness is no more restricted to metropolitan cities and has penetrated to tier 2 and tier 3 cities with ease, and now seems to be a fast growing market for pre-owned luxury.
Rentals - With the changing mindset of the society people are happy flaunting rented luxury cars, clothes, bags by paying a fraction of the amount.
Rising Income - The rise in the income of the middle class group has given an opportunity to pre-owned luxury dealers to step into the market.
High - Net -Worth consumer group - India is a home to fastest growing high income people, and thus fastest growing luxury market.
Features - New added features like cash on delivery, cashbacks, coupons and easy EMI’s are one of the many reasons for the increasing market in this segment.
Pre- Owned luxury is a new emerging market, there is still some time until the mindset of people completely changes .The little hesitation on second hand tag & online shopping will soon be surpassed. In my opinion future holds for an omni-channel presence for such markets, alone e-commerce is not enough to give the customers the same shopping experience. However, India being the fastest growing market, in no time will see rapid growth in pre-owned Luxury market as expected.
Auhored By: Dimple Mirchandani, Founder, Secret Dresser