Changing Face of Luxury with the Respect of Indian context (Culture)
The luxury concept has throughout history played an important role in social life by being a clear indicator of knowledge and social class which has not changed at present but only becoming catchier. Today, the demand for luxury brands is ever increasing and brand offering is continuously on the rise. The luxury market is expanding rapidly in India on the back of economic deregulation, fast GDP growth, and wealth (re) generation, increasing per capita consumption, and a growing young working population. Wealthy Indians represent a source of enormous potential for global luxury brands. India would have more than double the number of HNIs to 403,000 by 2015 from 153,000 in 2010 and communication media have put luxury in the public eye. India's luxury market was expected to reach $14.72 billion by 2015 from an estimated $8.21 billion this year, with about 30% of the customers coming from smaller cities, according to a recent report by ASSOCHAM and Yes Bank. This descriptive and conceptual paper looks at the ingredients of a luxury brand and how to market them. The paper goes on to discuss several luxury brands in India and their special launch to keep in mind Indian mentality and Culture, meaning of luxury for Indian and behavior of consumers towards these launches. This paper also analyses the Luxury market Scenario in worldwide and India, and explains how the Luxury Brands is focusing on Indian culture to target especially Indian customers, and how Indian customers is accepting to these brands.