Abhishek Joshi’s Post

India's luxury market - on the rise with factors like UHNIs, middle-class growth, and e-commerce driving growth. Projections show a significant increase in ultra-high-net-worth individuals and a booming luxury market set to reach $85-90 billion by 2030. #trendLens #insights #hnwi #affluent #luxuryconsumer #india #indialuxury #luxurymarket

Today, more and more Indian consumers are inclined towards luxury purchases, accentuating India’s pivotal role in shaping the #FutureOfLuxury retail. Whilst sharing his views on this development, Anand Ramanathan, Partner, Consumer Products & Retail Sector Leader, Deloitte India, highlighted, "The country’s growing economic, demographic, and urbanisation trends are amplifying the demand for jewellery, especially amongst the burgeoning middle-class segment.” Read more in Deloitte's latest report: https://deloi.tt/4bFOanW #Retail #Luxury #Consumer #ConsumerTrends #Technology #CX #NewRulesofRetail

If we look back a decade ago, we can observe that luxury brands were often associated with a narrow segment of buyers with significant financial power. However, today, luxury consumption has changed drastically, and Millennials and #GenZ generations have brought a fresh perspective on acquisitions. In 2023, consumers want to instantly purchase the products they desire, rather than save up. "These categories of buyers – who constitute the core of #BNPL – intensely dislike the traditional financing methods, and prefer more flexible alternative payments. In today's context, it becomes increasingly clear that the sales of luxury brands will be determined by adding the #BNPL button at checkout", says Alexandru Balaci, CEO of #Mokka Romania. This is why, Mokka keeps up with this significant market evolution. By adopting this innovative approach, the brand not only responds to the needs and preferences of the new generations but also opens doors to a larger and more diversified market. #buynowpaylater Link to the article in the comments!

Global luxury brands are bullish on the Indian market.     India has positioned itself as the fastest-growing luxury market in Asia. Ranking 3rd ($7B) in the APAC region after China and Japan respectively.   A recent article displayed that the luxury leasing market in India saw a surge from 3% (in 2018) to 9% in 2023.   Why are luxury brands expanding their presence in India?   𝗗𝘂𝗲 𝘁𝗼 𝘁𝗵𝗲𝘀𝗲 𝗸𝗲𝘆 𝗮𝘀𝗽𝗲𝗰𝘁𝘀: 1️⃣ Aspiration for Luxury global brands 2️⃣ Increase in the share of disposable income 3️⃣ Expansion of the middle-income class. 4️⃣ Growing share of organized retail spaces in major cities. 5️⃣ Rise in HNWIs (high-net-worth Individuals) and UHNWIs (ultra-high-net-worth individuals) population. 6️⃣ Introduction to entry-level luxury goods. 7️⃣ Increase in demand from Tier 2 & Tier 3 cities.   🔺Penetration through e-commerce is another major aspect.   Leading e-commerce stores in the country for fashion and lifestyle products, such as Myntra, Ajio, Tata Cliq, Nykaa, and more, all have luxury online stores.    Let's take Myntra for example. As of today, a consumer can choose from 400 international brands like Bvlgari, Movado, Tissot, and more on Myntra.   ⏩Another significant factor to consider is the increase in the use of credit cards, that are driving Indians to indulge in luxury shopping.   According to recent data from the RBI, credit card spending in India experienced a 26% year-on-year(YoY) surge in February 2024, reaching INR 1.5 Lakh Crore.   With the development of ultra-premium shopping malls and the launch of flagship retail destinations like JIO World Plaza by Reliance, India's luxury market is poised for exponential growth.   By 2030, India's luxury market is expected to reach a whopping $85 - $90 Billion. #luxurybrands #indianluxurymarket #businessgrowth #networth

The clients and consumers of luxury goods are typically individuals seeking exclusive, high-quality, prestigious products or services. These individuals often have high purchasing power and are looking for experiences, products, or services that signify status, exclusivity, exceptional craftsmanship, or unique design. The luxury sector has undergone a significant shift in sales strategies in recent years, increasingly integrating online commerce as a fundamental aspect of its business strategy. This incorporation has allowed luxury brands to reach a broader audience, including consumers looking for exclusive shopping experiences, both in physical stores and on online platforms.

🎉 The Confederation of All India Traders (CAIT) predicts that the Indian wedding season in 2023 will be a big celebration, generating a whopping ₹4.25 trillion in business within just 23 days! 💰 📅 From November 23 to December 15, an impressive 3.5 million weddings are expected to take place according to a survey conducted by CAIT Research & Trade Development Society. This is going to lead to a whole lot of spending and services, totaling that incredible ₹4.25 trillion. 🤵👰 🔍 Comparing this to the same period last year, when around 3.2 million weddings were held, the total business generated was ₹3.75 trillion. So, it looks like this year is set to be even more prosperous for the wedding industry. 💒 🏙️ Of all the weddings happening this year, about 10 percent, or 3.5 lakh, are expected to be held in Delhi alone. It seems Delhi is gearing up for some grand celebrations! 🎊🏛️ Manish Malhotra Sabyasachi Online private limited Rahul Mishra Ritukumar #IndianWeddings #WeddingSeason #BusinessOpportunities #CAIT #WeddingIndustry #WeddingBusiness #EconomicImpact #Celebrations #DelhiWeddings #ConsumerSpending #retail #omnichannel #retailtrend

The Indian middle class is growing rapidly, and with it, the number of consumers with the disposable income to buy luxury goods. According to a report by Bain & Company, the number of Indian households with annual incomes of $30,000 or more is expected to grow from 20 million in 2020 to 50 million in 2030. The average Indian luxury consumer is young and aspirational, and they are increasingly looking to buy international brands. A study by the Luxury Institute found that 72% of Indian luxury consumers are under the age of 35, and 60% are willing to pay more for international brands. The rise of e-commerce is booming in India, and this is providing a new channel for foreign luxury brands to reach Indian consumers. According to a report by Forrester Research, the Indian e-commerce market is expected to reach $1 trillion by 2026. In addition to this, the Indian government has been supportive of the growth of the luxury market, and has taken steps to make it easier for foreign brands to operate in the country. For example, the government has reduced import duties on luxury goods, and has made it easier for foreign brands to open stores in India. #LuxuryMarket #InternationalBrands #LuxuryConsumers #EcommerceIndia #IndianEconomy #LuxuryShopping #IndianGovernment #RetailMarket #IndianLuxury #EconomicGrowth #RetailTrends

Youth, small-town consumers drive sales of used luxury items. The resale market for luxury items is booming in India, driven by the aspirations of young consumers in tier-II and tier-III markets. Read More: https://rb.gy/yi743a #LuxuryCruxx #LuxuryConnect

Game changer or Game over? French luxury facing the e-distribution revolution 💥 Thank you, Stratégies and Delphine Soulas-Gesson, for publishing our opinion and our responses to the ongoing revolution impacting e-distribution for luxury brands. Here are a couple of snapshots: In recent years, several failures in luxury e-commerce have created the impression that this sector is incompatible with digital. However, these disappointments are due to questionable strategic choices: risky investments, organizational rigidities, and unsuitable technologies. Continuing on this path is no longer an option; choosing the same path is a receipe for disaster! (...) To embrace this e-distribution revolution, luxury brands must develop a dual personality: on one side, preserve the luxury DNA for their core business; on the other, adopt technological pragmatism for everything concerning their back office, which should be both technical and operational, thereby multiplying their sales forces. The back-office must now be technological, agile, agnostic, and business-focused, to connect to platforms, disseminate rich and tailored information, and evolve at the pace of markets, usage, and innovation. GaiaSuite addresses this revolution for our brands and partners. Stay connected 🚀 Read the full article : https://lnkd.in/eK5Sxn9X MONNIER Paris Flore Pilzer Florent Palomares Elodie Binard Sibylle de Villeneuve L'AGENCE #GaiaSuite #e-distribution #retailtech #frenchtech #fashiontech #frenchtouch #marketplace #techforretail #innovation #backoffice #shopify

Finally a back-office solution that tackles the BIG pain points of migrations. time - cost - efficiency - seamlessness. https://lnkd.in/e8bD9JnU