The luxury industry is on an upswing in India and is growing phenomenally.
With the luxury industry growing by leaps and bounds even in tough global financial times, it is not a surprise that sale of luxury goods is on an upswing in India. Propelled by the opening of stores of all major luxury brands in India, the industry is surely heading for 'good times' ahead.
According to a study, the luxury market in India has witnessed a growth rate of nearly 30% in the year 2013 and is estimated to cross $14 billion mark during the course of the next three years, which for sure is nothing short of phenomenal. Along with India, another market that has caught the fancy of luxury buyers is China which is also on an upward growth trend. But the major factor that is coming in as a deterrent is the lack of customer service and after sales support that plagues the luxury industry in China. But, here in India this is not the case as the brands are shifting their focus on providing a unique buying experience supplemented by trained staff to serve the needs of the luxury buyer.
According to Saguna Jain, a Trainer at the Lifestyle & Luxury Management Institute, Chandigarh, "It is the need of the hour as the Indian affluent customer has to be taken care of, his needs catered to and provided with a high level of excellent 'after-support' care. This is going to be possible only, if the staff that they hire is trained as per their requirements and this is what we are doing. And I can assure you that this is going to be the mantra for success for any luxe brand in India".
The Top Five luxury sectors that saw unprecedented growth in 2013 in India were Five Star boutique hotels & Fine-dining, Automobiles, Electronic gadgets, Luxury personal care and the ever popular jewellery.
Luxury Industry in India is gearing up to face the reservations in a market that is so unique in taste, choice, variety and is ready to take-on any challenges.