Luxury Car Brands

CONSUMER DYNAMICS Luxury in India May/June 2006 Understanding the Indian LUXURY CONSUMER The Indian opulence commercialise will al more or less quadruple over the next decade, and brands will have a major opportunity to target the fast-growing numbers of brand-savvy, aim consumers. In a fascinating address at the new India Duty Free Workshop, King Power Group tour Retail Managing Director Sunil Tuli delivered his assessment of the market today. Dermot Davitt reports. T he luxury goods market in India is one of the worlds most diverse and exciting and a challenging one for brands seeking to gain a presence there. Brands and retailers that want to capture a dowery of this fast-paced business need to learn and adapt, or risk missing one of the great untapped opportunities for the luxury business. That was the message delivered by King Power Group trip out Retail Managing Director Sunil Tuli in an illuminating presentation at the India Duty Free Workshop in Cochin (February 2123). Addressing the theme The New Indian Luxury Consumer, Tuli express that roughly 1.7 million Indians qualify as rich (sub-definitions are tiptop Rich, Sheer Rich, Clear Rich and Near Rich) a escort that is set to more than double in the next v years.

In sharp contrast to consumers in more advanced markets, the spending power of Indians earning between US$20,000 and US$40,000 let off puts them on the countrys rich list and makes them wholesome worth targeting by brands keen to secure an Indian market presence. Drawing on a Merrill Lynch report on the worldwide luxury goods industry, Tuli said that Indians account for under 1% of all luxury goods sales but sales to Indians, and their share of the global market, is set to increase. The size of the market in 2004 was estimated at about INR48.1 billion in sales, a figure judge to almost quadruple in the next ten years. India is appease a virgin market for global luxury players, said Tuli. Companies like LVMH, Swatch Group and Chanel... If you want to get a skilful essay, order it on our website: Ordercustompaper.com

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