Explain the various factors that are encouraging the growth of luxury retailing in india.
Answers
As the Indian beauty industry is experiencing an unprecedented shift towards luxury retail, big spenders have become darlings of these brands. Here’s a road map to reveal how luxury brands are betting on high spenders.
When it comes to quality and result, luxury products reign supreme. Usually associated with a big price tag, luxury brands ensure that the consumers dig deep into their wallets and indulge in their high-end products.
Premium brands flocking the high streets, seeing heavy wallets of high spenders who are demanding and getting extraordinary results from the products offered by them, have acute focus on capturing attention of their target consumers by providing ‘just the way you like’ products.
Arjun Khurana, Managing Director, OFI India, Bottega Di LungaVita said, “The high spending consumers in India are knowledgeable and well aware of the various skincare and wellness brands and their products available. They at the same time are conscious of what ingredients and processes are being used in the manufacture of the product. They tend to choose what best suits their body and so are open to trying new products. This facet of the Indian consumers proves beneficial to our brand. The wide range of our products ensures that there is a definite product for every individual and thus helps us gain their loyalty