Mark Stepen is a Consultant with a wide range of experience in the Indian Retail Industry , specialized in Retail Brand Management, Supply Chain Management, Franchising, Visual Merchandising, Mall Management and other niche areas.
As they say, there are good and there are bad times; and well, these are bad times, as the government goes bonkers with its austerity drive, to show its solidarity to the farmer suicides, and the “aam admi” brigade jumping into the bandwagon without much ado, in the midst of a global economic recession. Yet, they say, the luxury retail sector in India is at an all time high; hey you got to be kidding! But, the fact and figures loudly say, the Indian luxury retail is booming, and that for once is a crystal clear truth.
The Indian luxury retail market is the beacon of the future, with a number of international brands making their foray, eyeing it as the top destination for high-end goods. One definitely needs to wake up, re-think and go for a reality check to believe this, as it sounds too good to be true. Well, with the sky high salary the executives pull in, the typical Indian consumer behavior has undergone a complete turnaround. India is home to some of the richest men in the world, with the fastest growing high net worth individuals in the Asia-Pacific region living here. In fact, it is seen as the next hub of luxury goods consumption. No doubts about it.
Market observers are of the opinion that luxury retail in India is being pushed to the back-burner, with other retail categories taking centre stage. Many people still believes the usual stereotype and misguided perception that only FMGC sells in India. Well, that surely is not the case if you have a slightest glance of the financial figures of the few luxury brands that have opened shop in India. Lladro dealing in exclusive porcelain figurines have 75 % growth in the last fiscal, while Swarovski and art d’inox dealing in crystals and home lifestyle clocked more than 25% each. And all of them are on an expansion spree, without making much hula boo, in the opulent confines of glittering five star hotels. Indian retail companies are not far behind, they are slowly catching up.
So, recession or no recession, there is no arguing the fact that, there are Indian consumers with very fat pockets; and not every Tom, Dick and Harry is going gung-ho or haywire with the global economic slowdown. All that a luxury retailer need is zeroing down on a niche segment, where there will be takers, no matter what.
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