Blog Education | India
What is the size and scope of the online luxury fashion market in India?
- 2nd Jun 2020
Famous designer Coco Chanel once said “luxury should be comfortable, otherwise it’s not a luxury”. Luxury products and services have invariably been related to individuation and quality. The idea of luxury is expounded to standing image within the society. Apart from all this, luxury products give a psychological relief in sense of creating exclusivity within the society. Luxury brands have invariably fascinated shoppers thanks to their quality, standing, and attractiveness. In the most basic sense, luxury brands are well-known to deliver superior expertise at 2 levels – product level and experiential level. At product level, it satisfies the useful and utilitarian characteristics like skill, precision, materials, prime quality, distinctive style, extraordinary product capabilities, technology, and innovation. And at the experiential level they appeal to emotions of shoppers. For example, Rolex stands as a symbol of heroic accomplishment, and Tiffany may be an image of affection and wonder. Luxury is anything that is more than ordinary.
In India, the luxury market is expanding in recent times. Luxury brands have established their presence in major cities like Delhi, Mumbai and Bangalore. The industry is gaining visibility with each passing year. While the discourse generated by this sector is disproportionately high compared to the scale of the market nowadays, it will indicate that most international luxury brands acknowledge the potential of the Indian luxury market. With the high growth rates of the Indian market compared to the counterparts and even the mature economies, it's probable that interest within the Indian luxury market can increase in near future. Luxury goods market is different from others as here the behavior of consumer differs in demand.
Luxury brands have a great influence on the youth. Generations Y and Z accounted for forty-seventh of luxury customers in 2018 and thirty third of luxury purchases. However, they contributed nearly all of the market’s growth, compared with 85% in 2017. To capitalize, luxury brands are adapting to the preferences of younger customers in terms of product offerings, communication and engagement ways, and distribution channels.
The luxury business is acknowledging cultural and size preferences. Modest fashion, comprising clothes which will be worn by Muslim customers, accounted for roughly 40% of luxury women’s off-the-peg in 2018, whereas “inclusive” fashion, targeted to curvy or plus-size customers, depicted concerning 20%.
Image Source: www.remotelands.com
The retail channel grew 4% in 2018, with three-quarters of that increase returning from same-store sales growth. The wholesale channel grew 1%, hampered by outlet performance, and a lag among specialty stores facing powerful competition from the net channel.
Online luxury continued to accelerate in 2018, growing 22% to just about €27 billion; it currently represents 10% of all luxury sales. The American market created upwards online sales by 44%, however, Asia is rising as a brand new growth engine for luxury on-line, slightly before Europe. Accessories remained the highest class sold on-line, before attire. The sweetness and “hard luxury” (jewelry and watches) classes were each on the rise. The largest online channels for luxury sales were e-tailers, brands’ websites, and retailers’ websites.
Source : https://www.bain.com/insights/luxury-goods-worldwide-market-study-fall-winter-2018/
To expand luxury retailing many companies are building their network online. Some of the luxury dealing sites in India are:
Luxury Abode embodies the spirit of luxury as an intrinsic part of its endeavor One of the core objectives of LuxuryAbode.com is to be an entire & holistic luxury selling partner for each luxury business across the globe. This includes listing luxury businesses, promoting luxury brands each inside & outside LuxuryAbode.com. From luxury assets to cars, yachts, furniture, hotels, vacation rentals, jets, art, décor, lifestyle, experiences – you'll notice everything luxury, here.
Confidential Couture provides its customers with an unparalleled access to large collection of the most treasured brands and timeless pieces at an exceptional value. Their vision to bring to our customers' guilt-free shopping experience, offering pre-loved designer accessories at great prices, along with trusted Authenticity and Money-back Guarantee. They also take special time and effort to curate a collection of items that will add value to our customer’s wardrobes, seeking to create a very reliable hub of buyers and sellers of luxury goods
Farfetch exists for the love of fashion. They believe in empowering individuality. The mission is to be the global technology platform for luxury fashion, connecting creators, curators, and consumers.
The Collective is one of a kind, super-premium retail idea, acknowledged for its breadth of exclusive fashion. With over one hundred of the world’s best fashion brands beneath one roof, this distinctive vogue| life-style| modus vivendi |manner| mode |style |way| fashion store offers all connoisseurs a novel purpose of reading on every individual’s style.
My Luxury Bargain curates authentic pre-owned luxury fashion and art from across the planet and brings it nearby of the world’s most trendy and complex people – such as you. Their choice of ‘vintage, prized and pre-owned’ luxury fashion includes purses, watches, jewelry, accessories and far a lot of from high brands like prizefighter Vuitton, Chanel, Goyard, Hermes, Fendi, Gucci, Burberry, Balenciaga, Tom Ford and lots of more; all offered to buy online and delivered in India and abroad.
Refined Luxury, Exceptional Experiences, and entrancing magnificence are what ELITIFY has perpetually embodied. expertise real-time fashion in premium men shirts, luxury men shoes, premium men accessories, and additional with runway fashion designs in ladies' dresses, ladies' footwear, luxury purses, jewelry, tops, tees, and far additional.
Dealing in fashion, shoes, bags, watches, glassware and bar, and fragrance. Here one can find various luxury goods, rich in quality and elegance.
Image Source: https://www.prlog.org/12609476-luxury-goods.jpg
In this modern world, with increased globalization, people have access to different brands and products all across the world. Increased communication and promotion have led to a change in the preferences of the customers. People are now seeking products with good quality, unique solutions, and elegant designs. This change in preferences will enable brands to expand their operations and serve their customers with utmost devotion in the coming future.