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Luxury and premium consumer products makers have seen a strong double-digit surge in sales in the festival and wedding season. Affluent Indian consumers are not shying away from spending big bucks on upgrading their wardrobes and home decor, making India an attractive market for global luxury brands amidst global macro headwinds.
Brands such as Versace, Emporio Armani and Michael Kors have launched special festive eyewear collections. “This says a lot about how global luxury brands consider our festive season an opportunity to connect with young consumers. Between brands, we are growing anywhere between 40 per cent and 100 per cent on last year, and we expect this trend to continue through the festivities till December,” said Suvashish Banerjee, Luxury & Premium brands, Luxottica India Eyewear Pvt Ltd.
The luxury watch segment is also witnessing strong growth. “We have seen a surge in demand for high-end items,“ said Yashovardhan Saboo, Founder & Chairman, Ethos Watches.
Akshay Gopal, Director, Bizotico, distributor of luxury branded watches, including Movado, Hugo Boss, Calvin Klein and Ferrari, among others, added that the luxury watch segment is expected to end the festival season with 20-25 per cent growth year-on-year. “Young affluent consumers are willing to shell out on upgrading to luxury branded watches. All global luxury brands are focusing a lot more on India given the slowdown seen in developed markets,” he said.
The consumer appliance segment, too, has witnessed a surge in demand for top-end products. Neeraj Bahl, MD & CEO, BSH Home Appliance-India & SAARC said, “Consumers are spending more on better quality and better looking kitchens and appliances. This has created great demand for high-end appliances, enabling the segment to grow at over 20 per cent year-on-year.”
“The Indian luxury market is heavily driven by gifting. Lladró, a gifting brand, has seen an increase in bulk gifting to friends and family and corporate gifting. The brand is expected to grow between 35-37 per cent this year,” said Nikhil Lamba, CEO, Lladró India. The global brand is known for its luxury home accessories and decorative porcelain sculptures.
The premium apparel segment, too, has witnessed an uptick in sales. Executive Director, DLF Retail, Pushpa Bector, said , designer-led brands in the luxury space have gone all out on occasion wear collections, as consumers are on the lookout for opulent apparel for the celebrations.
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