A recent survey by ASSOCHAM (Associated Chambers of Commerce and Industry of India) revealed that India’s US $ 9 billion worth luxury market which accounts for an overall market share of about 15 per cent is driven by fashion conscious working women in India.
For the survey, ASSOCHAM interacted with nearly 500 working women in an annual salary bracket of Rs. 5-10 lakh in Ahmedabad, Bengaluru, Chennai, Delhi-NCR and Mumbai to assess their shopping habits during August-September 2016.
Of the total respondents, about 20 per cent said they purchase only luxury products owing to their quality control and easy availability, both online and offline. A majority of the women mentioned they buy at least one luxury product whenever they go shopping and have a plethora of luxury products lined up in their wish list.
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The report goes on to mention that a growing number of young working women, with high paying jobs and an increased awareness of global fashion and beauty trends are driving up the demand for high-end luxury products and accessories across various segments; be it jewellery, watches, apparels, footwear, cosmetics and others. India is home to over 1,200 ultra-affluent women with a combined net worth of about US $ 100 billion.
S. Rawat, Secretary General, ASSOCHAM commented, “With professional women emerging as the new decision makers and making most of their household purchases, it is imperative for luxury brands to open dedicated women’s stores and expand their product offerings to build long-term relationships with this new breed of luxury spenders.”
Rising purchasing power coupled with growing awareness of global brands and with the luxury products distribution penetrating well beyond large metros to other smaller cities will contribute to the growth of luxury industry in India, noted the survey-cum-analysis.
