Luxury industry insiders are predicting that India’s luxury products market will grow by around 17% in 2014. While 2014 may start slowly, it is expected that demand for luxury items will pick up in the second half of the year.
In 2012, India’s luxury market was worth around $7.85 billion according to the ‘Changing Face of Luxury in India’ luxury market report by the Confederation of Indian Industry and market research firm IMRB International.
The India luxury market report states that products such as apparel, accessories, personal care, wines & spirits, electronics, watches and home décor are expected to account for 45% of luxury sales in India by 2014.
With the exception of electronics, Italy’s luxury makers offer products in all the categories listed above, so for luxury dealers specialising in luxury goods made in Italy, 2014 in India could turn out to be a bumper year. There’s no reason why 2015 won’t be as successful either as the world drags itself out of the economic downturn.
Luxury dealers operating in high-end luxury in India shouldn’t ignore the lower to middle end of the luxury market either. As India’s economy picks up, more and more Indians will be wealthy enough to make luxury purchases. The high end luxury market will grow too.
Right, so the news about India’s luxury market is very positive, but while your business may well be in a good position to exploit the growth, it will need luxury products which appeal to customers. This will ensure sales match demand and keep profits healthy. However, you may not be sure which products made by Italian companies will sell to your luxury customers in India. Maybe you are unsure about colours, sizes or styles. Perhaps you wish to commission special lines for your customers which combine Italian style and quality with Indian tastes. If this is the case and you want to make approaches to Italian luxury goods makers to discuss your requirements, then you might like to speak to my staff and I.
Making approaches to Italian companies is not always easy unless you know how. Get the approach wrong and you may miss out on potentially highly lucrative business opportunities. If you are unsure about how to make an approach, or maybe you have already tried and failed, then my staff and I can help. We can also find luxury makers in Italy who can work with you to produce products which will appeal to your customers and we can help you develop a long term relationship with these companies.
We can help place your company in a position which will allow it to benefit from the upturn in India’s luxury market.
I’ll be following events in India’s luxury market closely in 2014 and will provide updates on what is happening. You can also keep an eye on the luxury market in general by subscribing to my newsletter.