Hundreds of millions of new consumers will join this retail revolution, venturing into supermarkets, department stores and air-conditioned shopping malls for the first time. But instead of just window shopping, many of them will be serious buyers with money to spend. To cater for their needs, established players in the modern retail sector such as Biyani, Raheja and Goenka are being joined by the big names of Indian business - Reliance, Birla, Bharti, Tata etc - who plan to spend billions over the next few years rolling out supermarkets, big-box outlets and specialty stores.
Some of the reasons for the growth are: Moreover, increased Internet penetration and digitization have contributed immensely to this consumer behavior, allowing consumers to search and satisfy their desire to own and possess designer brands.
The top-selling items in the luxury market are fragrances, watches, jewellery, skincare and apparel. Removal of the cap on foreign ownership in single-brand retail and liberalization of FDI limits in multi-brand retail will encourage international brands to invest more.
Brand like Louis Vuitton, Gucci, BottegaVeneta and others have successfully integrated itself into the Indian luxury market by offering luxury as an experience.
Women become a force to reckon with With increasing disposable income and on gaining financial independence, women tend to make purchasing decisions around personal care and beauty products, spa treatments, apparel, footwear, bags and jewellery.
This is also driving an increase in the institutional capital being invested in the sector, for instanceNykaa Luxury beauty products retailer recently raised Rs 82 crores, Bluestone online jewellery seller raised Rs crores in Series D funding in July Key Trends to be seen Customization: To cater to the desire of the individual customer, brands offer customization services, limited edition collections and bespoke services.
International and Indian brands are now collaborating across product segments to create unique offerings for the ever-demanding luxury consumer. Christian Louboutin and Sabhyasachi put together a unique line of shoes with Indian design and western aesthetics.
International jewellery brands like Cartier and Tiffany have minimal, if any, presence in India. Indian designers are the top choice for ethnic wear for the well-heeled Indian consumer. Having said that, there are challenges that need to be dealt with: High street malls and other high end retail infrastructure have limited presence in Indian metros and are virtually non-existent elsewhere.
Most luxury brands housed in locations with high rentals also incur high maintenance and upgrading costs to continue to meet the defined standards of the brand and attract the demanding luxury shopper. An understanding of spending habits across regions and states of India is essential for luxury brands to succeed at the micro market level in India.
Conclusion When it comes to luxury market, India still lags behind disproportionately to its economic growth. Fragmented and diversified customer base offer a challenge as well as a huge opportunity to the retailers.
The brands will have to tailor make their products to cater the need and demand of Indian consumers.A STUDY OF ORGANIZED RETAIL SECTOR‟S GROWTH AND ITS FUTURE PROSPECTS IN INDIA Ms. Pooja Pandey challenges faced by organized retail sector in India. India's retail market is expected to grow Indian retail industry has become the most attractive, emerging retail.
The Indian retail industry has emerged as one of the most dynamic and fast-paced industries due to the entry of several new players.
Total consumption expenditure is expected to reach nearly US$ 3, billion by from US$ 1, billion in The economy of India is a developing mixed economy. It is the world's sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP).
The country ranks th in per capita GDP (nominal) with $2, and nd in per capita GDP (PPP) with $7, as of After the economic liberalisation, India achieved % average GDP growth annually. The Retail Industry is the sector of economy which is consisted of individuals, stores, commercial complexes, agencies, companies, and organizations, etc., involved in the business of selling or merchandizing diverse finished products or goods to the end-user consumers directly and indirectly.
The Indian coffee retail market has been buzzing over the last 12 months with two key players Starbucks and Cafe Coffee Day on expansion timberdesignmag.com market size of retail coffee in India is.
India is seen as an emerging market for retail by global retailers. A.T. Kearney’s Global Retail Development Index (GRDI) of ranks India as the most emerging destination for retail ahead of Russia and China. However, to protect its own retail industry, the Government of India has permitted.