“Attitude of Young people of India towards Luxury Brands”
A couple of generations ago, a typical purchase decision for the average Indian would be choosing between, say, clothes and electronic goods whenever they had a little cash to spare. Today, the customers’ dilemma involves making up their mind between Prada and Gucci, Merc and Lamborghini. Marie Antoinette would say, “If they can’t have bread, give them brands instead!”
In a relatively short time span of 20 years, India has moved from pavement markets to swanky malls, from frugal minded consumer to who want it all and from a population largely obessed with celebrity gossip to one which yearns to gain knowledge. India is taking wing. It is not simple because India is set to become the fastest growing major economy in the world. The combination of a large young working population, rising income levels, overwhelming consumer optimism and increasingly urbanized lifestyle is driving consumption growth in India.
The market potential of world’s second largest population has not gone unnoticed. International Luxury brands have India on the radar. As developed market continue to battle economic turmoil. India offers luxury brand owners unrivalled growth opportunities. The Indian luxury market is projected to reach USD 14.72 billion in 2015(CII and A.T.Kearny, 2011). It may represents only 1-2 percent of the global luxury market, but its market growth rate of more than 20 percent per annum, promise positive returns for luxury players.
A flow of international brands from Giorgio Armani to Ferrari to Sofitel Hotel have entered the Indian market to claim a share of the luxury rupee. Many others are waiting, watching and preparing. This is not just about today’s market but a key strategic market of the future. Problem Definition: * Young consumer attitudes are essential for the marketers to plan their strategy in reaching the target consumers. So in our