Luxury, Luxury Brand and Luxury Market in India: From Class Consumers to Closet Consumers
نویسنده
چکیده
The luxury concept has throughout history played an important role in social life by being a clear indicator of knowledge and social class which has not changed at present but only becoming catchier. Today, the demand for luxury brands is ever increasing and brand offering is continuously on the rise.The luxury market is expanding rapidly in India on the back of economic deregulation, fast GDP growth, wealth (re)generation, increasing per capita consumption, and a growing young working population. Wealthy Indians represent a source of enormous potential for global luxury brands. . India would have more than double the number of HNIs to 403,000 by 2015 from 153,000 in 2010 and communication media have put luxury in the public eye. India's luxury market is expected to reach $14.72 billion by 2015 from an estimated $8.21 billion this year, with about 30% of the customers coming from smaller cities, according to a recent report by ASSOCHAM and Yes Bank. This descriptive and conceptual paper looks at the ingredients of a luxury brand and how to market them. The paper goes on to discuss several luxury brands in India, meaning of luxury for Indian and behaviour of closet consumers This paper also analyses the Luxury market Scenario in India, and explains how the Luxury Market is yet to achieve its boom.
منابع مشابه
A Comparative Analysis of Young Chinese Female Consumers’ Luxury Brand Purchase Intentions in Virtual and Brick-and-Mortar Store Environments
The global luxury goods market anticipates a massive increase of 65% from 2010 to 2015, with most of the growth coming from emerging economies, especially in Far East Asia. China remains the essential increase generator in the region (Bombourg, 2011). With its developing economy and extensive population, the Far East Asia regions have quickly become the world’s largest brand-name luxury good ma...
متن کاملI’ve Wanted A BMW Since I Was A Kid: An Exploratory Analysis Of The Aspirational Brand
Although aspirational brands are commonly referred to in the business literature, no consistent definition exists for the term. Further, “aspirational brand” is often used interchangeably with the term “luxury brand.” This study aims to conceptually define the term “aspirational brand”and delineate it from the well-established term “luxury brand.” A sample of 452 consumers were asked to provide...
متن کاملConspicuous consumption in a recession: Toning it down or turning it up?
The 2008 recession reportedly led to the demise of conspicuous consumption with wealthy consumers abandoning luxury goods that prominently display their brands for more subdued designs. Utilizing data collected before and in the midst of the recession from designer handbag manufacturers, Louis Vuitton and Gucci, we find products introduced during the recession actually display the brand far mor...
متن کاملWhen symbolism overtakes quality: Materialists consumers disregard product quality when faced with luxury brands
Consumers use extrinsic and intrinsic cues to set preferences and make purchase decisions. However, the extent to which luxury-related extrinsic cues determine consumer preferences and whether the relative weighting of extrinsic vs. intrinsic cues depends on consumers’ values is still unclear. We investigated how luxury vs. non-luxury brands affect consumer preferences, and how this impact is m...
متن کاملImpact of interpersonal influences, brand origin and brand image on luxury purchase intentions: Measuring interfunctional interactions and a cross-national comparison
This study provides insights into how interpersonal influences and branding cues shape consumer luxury purchase intentions. Using a sample of British and Indian consumers, this study investigates and compares structure, properties and mean levels of susceptibility to interpersonal influences and highlights the interfunctional interactions. While normative interpersonal influences were found to ...
متن کامل