Indian Luxury retail Booming in the Midst of a Global Economic Slowdown

Net Worth - Indian Luxury retail Booming in the Midst of a Global Economic Slowdown

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As they say, there are good and there are bad times; and well, these are bad times, as the government goes bonkers with its austerity drive, to show its solidarity to the farmer suicides, and the "aam admi" brigade jumping into the bandwagon without much ado, in the midst of a global economic recession. Yet, they say, the luxury sell sector in India is at an all time high; hey you got to be kidding! But, the fact and figures loudly say, the Indian luxury sell is booming, and that for once is a crystal clear truth.

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The Indian luxury sell store is the beacon of the future, with a estimate of international brands development their foray, eyeing it as the top destination for high-end goods. One by all means; of course needs to wake up, re-think and go for a reality check to believe this, as it sounds too good to be true. Well, with the sky high salary the executives pull in, the typical Indian buyer behavior has undergone a complete turnaround. India is home to some of the richest men in the world, with the fastest growing high net worth individuals in the Asia-Pacific region living here. In fact, it is seen as the next hub of luxury goods consumption. No doubts about it.

Market observers are of the idea that luxury sell in India is being pushed to the back-burner, with other sell categories taking centre stage. Many population still believes the usual stereotype and misguided perception that only Fmgc sells in India. Well, that certainly is not the case if you have a slightest remarked of the financial figures of the few luxury brands that have opened shop in India. Lladro dealing in exclusive earthenware figurines have 75 % increase in the last fiscal, while Swarovski and art d'inox dealing in crystals and home lifestyle clocked more than 25% each. And all of them are on an expansion spree, without development much hula boo, in the opulent confines of glittering five star hotels. Indian sell clubs are not far behind, they are slowly catching up.

So, recession or no recession, there is no arguing the fact that, there are Indian consumers with very fat pockets; and not every Tom, Dick and Harry is going gung-ho or haywire with the global economic slowdown. All that a luxury retailer need is zeroing down on a niche segment, where there will be takers, no matter what.

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