Indians to spend $35bn on luxury goods – gadgets, cars and jewellery - by 2016
Apparel, Cars and electronics are among the most attractive segments across the Indian market with Benzs, BMWs, Rolls Royces, Audis, JLRs already becoming common sights in Indian metros.
With more than 140 million internet users, India is already the third largest internet market in the world. The rising middleclass is the biggest driver of the online retail growth, according to the study conducted by ASSOCHAM (the Associated Chamber of Commerce).
“Luxury shoppers are well-connected digitally and it becomes easier for brands to showcase themselves online. Online path helps brand to educate potential consumers about luxury the products.
"With deals or discounts, cash-on-delivery, EMI schemes and easy return policies, online shopping has offered luxury brands a new platform to engage and entice customers," said D S Rawat, Secretary General ASSOCHAM.
The study further revealed that India is one of the world’s youngest internet populations with more than 75% of the internet users under the age of 35.
The global online luxury market is also predicted to more than double between now and 2020 as major brands continue to increase their range availability on the web.
The optimistic outlook is anticipated to continue in the luxury sector spanning products such as apparels, home decor, pens, watches, jewellery, wines and spirits, spas and even yachts - a heady mix of both lifestyle and individuality-defining products.
In India, it is not just the youngsters that are experimenting with buying stuff from the internet, even mature customer is also getting accustomed to e-commerce.
In 2012 alone, the luxury designer clothing market in India grew 35% to Rs 13,230 crore in 2012 and is likely to touch Rs. 32,000 crore by the end of 2015. Luxury electronic gadgets growing at 38.5%, and the luxury jewellery market at 42%.
Luxury brands that was popular among Indians in 2014 included – GUCCI, Christian Dior, Louis Vuitton, Ocean Style Yachting, Canali India, L’Oreal Luxe India, LVMH India, Judith Leiber, The Phoenix Mills, The SPA Group, Geetanjali Group, The Bauers, Starwood Asia Pacific Hotels & Resorts, Da Milano Leathers, Reliance Brands, and Hidesign among others.
The multi-brand top-end and high-street luxury online showroom deals in brands such as Apple, Bang & Olufsen, Tag Heuer, Omega, Satya Paul, Just Cavalli, Rosenthal and Callaway attract Indian consumers with offers around premium travel, hotels, shopping, nightlife, health and beauty etc.
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