Top Story

e4m_logo.png

Home >> Media - TV >> Article

Top luxury brands eye India's rising HNI market

03-September-2014
Font Size   16
Share
Top luxury brands eye India's rising HNI market

India’s first ever luxury exhibition is well on its way to take place in New Delhi in 2015. This brand new venture is joint effort by Quintessentially Lifestyle Services India and GroupM (a WPP Company) with Confederation of Indian Industry (CII) as the Trade Partner.

The exponential growth of the luxury market in India, coupled with the increase of the rich upper-middle class and HNI community, has led to global luxury brands vying to find a space in the Indian market. The Luxury Festival, is a unique platform providing participating brands with the opportunity to network with purveyors of luxury brands, key decision makers & influencers in India.

CVL Srinivas, CEO, GroupM South Asia elaborated on the luxury market in India and the kind of growth he foresees for global brands in India. “Specifically in India the luxury goods market is growing at a CAGR of 18% and is estimated to reach 15 million USD in 2016. We expect the number of ultra HNI households to triple to over 3 lakh households. We see a huge growth potential of this segment as several iconic luxury brands establish themselves across product categories- automobile, leather and personal goods, hospitality etc.,” he said.

Srinivas also explained that although luxury brands reach out to target customers using experiential and print mediums, digital is bound to be a very important element of the media mix, given the profile of the target audience.

There is a high demand for various high profile brands in India across sectors like fashion, accessories and clothing, automobile, jewellery, etc.

Brands making headway into Indian consumer’s mind include names such as Louis Vuitton, Hermes, Jaguar, Gucci, Jimmy Choo, TAG Heuer, Roberto Cavalli, just to name a few.

Indians are more brand aware now which means good news for international luxury brands.

Talking about the festival, Amit Dutta, Managing Director, Quintessentially Lifestyle Services India said, “The three day extravaganza will showcase global iconic luxury brands in an exhibition format to the connoisseurs of luxury. The Luxury Festival will welcome invitees from across India, including industrialists, socialites, entrepreneurs, corporate magnates, private wealth clients, luxury automobile owners and private air charter members.”

The event will see attendance from senior executives of global luxury brands, Foreign Embassies’ dignitaries, media representatives & industry experts. The event is being supported by CII as the trade partner, who will also facilitate participating brand on their India strategy.
 

Our typical marketing budget is usually 10 per cent of the topline spend

There are some forces impacting the way our business works. The IT/ITeS sector has changed tremendously. Platforms like Twitter have made everyone journalists. Smartphones have made everyone a photographer. The trend that we are seeing is one of hyperdigitalization, which is causing the lines between product and services to blur. For example, <a href=http://www.exchange4media.com/company/news/amaz...

The OOH sector is among the fastest growing, globally. Brands and marketers have realized its potential and impact and begun to craft medium-specific adverts. Self-regulation is not only necessary but also essential to growth of the sector. The industry needs to exercise a certain level of this self-restraint to prove its commitment to maintaining the best standards in advertising.

<b>Clients are looking for experiential solutions beyond radio or print: Abraham Thomas, Radio City 91.1 FM</b><br><br> From entering new markets to launching large format events, Radio City 91.1FM has been on a roll. The radio channel recently announced the launch of India’s biggest singing talent hunt-Radio City Super Singer Season 8. Earlier this year, the channel set up its own creative-cum...

Under the watchful eye of Walt Disney, Bindass undergoes brand repackaging with a fresh new show ‘Dil Buffering’ simulcast across its linear and social media platforms on September 29 and will launch...

Apart from the mandate for the first project which is the Ashiana Town in Bhiwadi, Tomorrow and InterTwined will deliver brand solutions across film, print, radio, outdoor and activation besides provi...

Despite advertising picking up after a slow Q1, regional FM players still feel that the lingering effect of GST, RERA, demonetisation will still make its impact felt during the upcoming festive quarte...