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India has bounced back and is confidently growing in the luxury markets as other BRIC countries struggle to gather pace, says Deloitte's annual Global Powers of Luxury Goods report. By the end of last fiscal, world's 100 largest luxury goods companies had generated sales of $214.2 billion despite currency headwinds and intense technological disruption. Developed economies like the US and Europe appear to be on the rebound, thus, boosting the purchasing power of upscale customers.
The Indian economy, too, is recovering from its slump. Jewellery and watch companies are top performers, producing the second-largest share of the luxury goods sale. Companies like Titan, Gitanjali Gems and PC Jeweller all make the cut as newcomers in the Deloitte's top 100 luxury brands. The study also established that the channels on which luxury consumers shop are constantly evolving, making it critical for companies to understand the changing desires and buying behaviours.
"Several key aspects of the luxury sector will be unrecognisable in the next few years. The travelling luxury consumer will change the concept of national boundaries; millennial consumers will represent a significant percentage of sales volume in luxury; and the competitive forces driven by technology will continue to disrupt at a faster pace." said Gaurav Gupta, senior director, Deloitte, India.
