Everything Luxurious!
“Every luxury must be paid for, and everything is a luxury, starting with being in this world.” — Italian poet and novelist Cesare Pavese THE LUXURY MARKET has been growing since Covid, despite the uncertainties around the globe. Reports suggest that the consumer base of the luxury market will expand from about 400 million people in 2022 to 500 million by 2030, by when its market size too is slated to swell three-fold. The market itself will evolve, weaving in personalisation, convenience and sustainability as it copes with consumer preferences.
Given that we are digital natives and also focused on instant gratification, convenience becomes a key aspect in our experience of luxury products and services. Luxury brands understood this and embraced the digital sphere. However, post Covid, stores are back in favour with consumers. It is a fact that there is a certain charm to walking into a store and being able to try on a product before you buy it. Personalisation has taken on a whole new meaning these days. For instance, in the beauty industry artificial intelligence (AI) and machine learning (ML) tools help consumers pick out the exact shade of foundation and one that will suit their skin type. Not to mention the right anti-aging products and so much more.
The hospitality sector, is busy curating holidays down to the minutest of details. While on a visit to Vietnam, one does not just get to dine with a Vietnamese family at their home, but also have access to all-day breakfast, anytime check- in and check-out and a host of other specially curated experiences. Sustainability has become central to every aspect of our lives and the luxury sector is no stranger to this. For instance, the Indian fashion industry is integrating traditional craft techniques into their products and services. Also, there is a concept of ‘pre-loved’, where luxury clothing items and accessories are given a second life.
This issue features actor and global fashion icon, Sonam Kapoor who talks of her idea of luxury and the value of preserving traditional crafts and the handmade. Industry leaders and analysts too share their insights into various aspects of the luxury market. You will enjoy reading brand perspectives of future growth trends of the market.
This issue hits the stands bang in the midst of India’s most celebrated festivals, Dussehra and Deepavali. While the luxury market is driven primarily by India’s aspirational middle-income group, festivals involve everyone. We take stock of the mood of this market. Which way, for instance, will gold prices move in this season? We also look at advertising spends and creative campaigns.
Of course, we also bring to you all our regular columns and features that you look forward to. Happy reading.
