INDIAN BUYERS: NEW AFFLUENCE
LVMH, Hermes, Burberry and Swatch continue to be the dominant players in this segment. This category of brands appealing to all ages have increased their offering to this market in the last few years with the belief that the Indian buyer is looking for ‘affordable luxury”. Based on this philosophy they hope to plan market expansion in India by emphasizing on store-based sales and making luxury a very affordable buy to the growing aspirational middle class. A Business Today report refers to the fact that brands here cannot be based on a ‘one size fits all’ strategy and today a lot of millennials are now becoming new buyers, comfortable with the idea of spending money.[ CITATION Chi15 \l 1033 ] The author refers to middle classes that were once happy with a Titan or Timex are upgrading to luxury brands where a BCG report refers to this trend as “The Shock of the New Chic”.
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