luxury retail in india
TRANSCRIPT
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LUXURY RETAIL IN INDIA
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Presented by
• AASHIMA DUA (2012005)
• ABHISHEK DUA (2012011)
• ADIL MASOOD (2012017)
• AMEY MAIRAL (2012035)
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LUXURY
Related to -
• Status,
• Ego and
• Psychogenic needs; (mental needs)
it is not necessary for survival
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Luxury Goods
Associated with-
high quality,
craftsmanship,
uniqueness,
creativity,
exclusivity and
innovation
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What Consumer Get
Psychological Benefits
esteem,
prestige
sense of a high status
that reminds them and others that they belong toan exclusive group who can afford theseexpensive goods.
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INDIAN LUXURY MARKET
• Second fastest growing market in Asia Pacific
• To cross $10bn by 2014. Currently valued, $7.6bn
• Huge number of young population, thus has huge scope of expansion.
• Estimated to be second largest luxury market by 2050.
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Global vs Indian Luxury Retail
0
5
10
15
20
25
30
35
40
45
50
Apparels Art Jwellery & Watches
Personal Care
Global
India
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Reasons for emergence of luxury retail in India.
• Hike in the salary .
• High Standard of living .
• Luxury becoming a status symbol.
• Stylish Appearance
• Increased Durability
• Better performance & advanced features
Luxury in India has become more accessible.
Bollywood is an influencer
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Perception in Major Cities
• MUMBAI– Hedonic & symbolic expressions preferred.
– Social media is the benchmark.
– Purchase considered failure if there are not enough likes.
• DELHI– Celebrities influence substantially.
– Want to flaunt their purchase and make a buzz among peers.
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LUXURY
Limitations of luxury in India
Lack of appropriate space
Expensive real estate
Lack of trained manpower
Lack of Indian products & brands
FDI restrictions
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Challenges to overcome
• Limited scope
• Lack of retail space
• Lack of High Fashion Street
• Providing services
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Strategies for luxury marketing
• The brand must be “expansive”
• The brand must tell a story
• The brand must be relevant to the consumers’ needs
• The brand must align with consumers’ values
• The brand must perform
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PATH FOR LUXURY MARKETERS
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1. Brand Me Affluent!
2. Nothing but the Best!- Because I’m the best
3. Luxury is having the world at my fingertips
4. “Ethinic chic”- The fusion of local and global goods
5. You think I am demanding?
6. Cannibalization of brands
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LUXURY
Thank You
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OH FCUK, ANY QUESTIONS???