Sanjay Kapoor, Managing Director of Genesis Luxury spoke to Anita Khatri of Zee Media about the rise of the luxury market in India.
In the last 3-5 years, has the Indian luxury consumer evolved? If so, how and why?
Yes, the Indian luxury consumer has definitely evolved over the last few years. The initial phase of the badge/logo-conscious consumer has given way to quality and heritage consciousness. The luxury consumer wants to take the next step and engage with brands that are high on quality and craftsmanship. They are also looking for more bespoke experiences than what is just available off the rack. Exclusivity is the new buzz word.
Is there a change in the gender category or age category of the luxury watch consumer making demands?
The luxury consumer has definitely become younger and the demographics are becoming wider in all aspects—gender, geography or age.
Media penetration, frequent overseas travel by the upper-middle classes and a wide growth of aspirational consumers has ensured a greater exposure to international luxury brands within the country.
The Indian retail industry seems to be evolving. Your comment.
The Indian retail industry has gone through a metamorphosis, in the last decade. Changes have been from both, the consumer as well as the marketeer’s end. The Indian economy has grown and become more self-sustained, which has also increased the viability of FDI. The consumer has more disposable income, which has raised the purchasing power of the population, each year adding more numbers to this consumer market. The presence of global players in the market has given the right competitive impetus to home-grown brands too and both vie with each other to improve the quality of customer experiences.
Is there any peculiarity with regards to the Indian luxury consumer as compared to his/her global counterpart?
The Indian luxury consumer is comparatively more quality conscious and definitely more price conscious than his or her global counterpart. He is aware and well-travelled, he does all the necessary research before making a purchase. Brands entering India must therefore bring their best and latest products at competitive prices. The Indian consumer is also used to more attention and hand-holding. Brands have to roll out some additional services to pamper this consumer.