Editor’s Letter: Defining Luxury
Today’s luxury consumer is not just aware but also sensible, wants to align with brands that are responsible, and is willing to pay top price for personalisation and excellent customer service
Luxury to me is not about buying expensive things; it’s about living in a way where you appreciate things. — Oscar de la Renta
It is interesting how luxury means different things to different people. For some it is personalisation, others value the craftsmanship of exclusive luxury items. Either way, customers today are well travelled, digitally connected and aware. They align with brands that are responsible and value sustainable practices from sourcing to packaging of a product. Responsibility also extends to their brand ambassadors. In our cover feature in this issue actor, Ayushmann Khurrana, talks about his collaboration with Bvlgari, the luxury sector’s focus on sustainability and the technological advances.
In this special issue, industry leaders offer insights into trends shaping the landscape of the luxury market. Technology is helping brands define their sustainability journeys, enhancing customer experience and also in hyper personalising their offerings. Hyper personalisation is a prerequisite for success in luxury goods and services.
Another sustainable trend driven by the conscious consumer is re-sale of luxury goods. Large luxury brands are finding ways to incorporate the sale of their pre-owned merchandise into their retail channels to maintain better control over the goods and grow their consumer base. According to some estimates the Indian second- hand luxury goods market size will reach $1,556.2 million by 2032.
Our Luxury Special issue also packs in a special package on the festive season in India that brings a radiant surge in business. Much market optimism gets pegged on spending during Diwali. Cultural associations of the season with auspiciousness, entices investors to buy stocks, particularly in sectors like consumer goods and gold, to spark a bullish trend on the bourses. Retailers and ecommerce giants like Flipkart and Amazon witness record-breaking sales during the October to December period, that account for 30-40 per cent of their annual revenue. Indian car makers, too, anticipate a remarkable 15-20 per cent boost in sales, propelled by consumer demand, new model launches, and festive discounts.
The jewelry market shines too, with gold and diamond sales skyrocketing. In 2023, festive season sales of gold jewelry accounted for 77.7 per cent of total sales, while diamonds contributed to around seven per cent of it, according to available reports. Industries such as electronics, apparel and FMCG also thrive, intensifying their production, inventory turnover and marketing efforts. As companies capitalise on this vibrant consumer sentiment, the festive period emerges as an essential driver of the Indian economy, energising both fiscal performance and market momentum. The season spurs not just financial growth but the celebration of prosperity that is deeply ingrained in India’s cultural and economic fabric.
