Viraal Rajan, Director, Time Avenue says that the Indian consumer is like a child in a candy shop where these high-end, super-exclusive products and brands, which were not there earlier is now available to our audience.
Here are the excerpts of his interview with Anita Khatri of Zee Media.
1. In the last 3-5 years, has the Indian luxury consumer evolved? If so, how and why?
The Indian luxury consumer has been evolving for the last 7-8 years. Readily available and easily accessible information and a thorough market research make it easier for consumers to understand what they want.
2. Is there a change in the gender category or age category of the luxury watch consumer making demands?
Super luxury watches are for a select few, but today even the young audience is spending money. Their awareness is better and they are able to appreciate high-end watches, especially women. The base has become broader and the spending capacity is higher, as people understand the value of luxury.
3. Indian retail industry seems to be evolving. Your comment.
The luxury market has evolved in the past five years and it has benefited the consumer as he gets the best and latest products from across the world, here in his neighbourhood. There is no time lag between the international launch of a watch and it’s availability in India. Also, the access to the entire range of products, the after-sales and service understanding has matured.
4. Is there any peculiarity with regards to the Indian luxury consumer as compared to his / her global counterpart?
The Indian consumer is like a child in a candy shop where these high-end, super-exclusive products and brands, which were not there earlier is now available to our audience. There has also been a surge in the purchasing power.