The Luxury goods industry is a very wide industry comprising of products from watches, jewellery, perfumes, expensive wines to yachts, expensive pens, and clothes. Goods for which demand increases more proportionally as compared to income, are known as ‘Luxury goods’, in contrast to a "necessity goods", for which demand increases less proportionally to income.
Some luxurious goods are bought due to the tag implied of a status symbol, such goods tend to signify the purchasing power of those who buy them. These goods are not always better in quality or appearance than their less expensive substitutes. The main purpose of purchasing these goods is to display the wealth of their owners.
The industry is said to be highly cyclical and the driving force behind the growth of this industry is wealth worldwide, while the economic growth and conditions of various regions affect this industry.
Jewellery has been part of the Indian civilization since ancient history. They were in fashion since ancient civilizations as Harappa and Mohanjodaro. Made out of almost any material, jewelry is basically adorned to highlight nearly any body part. Be it the traditional jewelry or the latest ones which are increasingly in demand, i.e. the costume & imitation jewelery. There is no dearth when it comes to accentuating the beauty with varied imaginative & stunningly designed jewelry items.
This report has focused on luxury product categories & jewellery.
The report provides an overview on the size of the market, importance of luxury goods, target market, problems faced and the various driving factors as well as the latest trends. The major global luxury market players have been profiled.
STATEMENT OF RESEARCH QUESTION
The Indian gems and jewellery sector is also largely unorganized at present. There are more than 15,000 players across the country in the gold processing industry, of which only about 80 players have a turnover of... [continues]
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(2009, 07). Luxury Goods and Jewellery in India. StudyMode.com. Retrieved 07, 2009, from http://www.studymode.com/essays/Luxury-Goods-And-Jewellery-In-India-219910.html
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