BW Businessworld Shines Spotlight On India's Evolving Luxury Market
This is BW Businessworld's annual luxury special issue. BW Businessworld, in this issue, dated November 04, 2023, provides an insightful exploration of the changing landscape of the luxury market in India. The annual luxury special issue offers a treasure trove of thought-provoking columns by industry experts, exclusive interviews, and in-depth features that shed light on the dynamic evolution of luxury in the country.
Despite global uncertainties post-Covid, the issue spotlights the growing luxury market in India. Reports indicate a substantial expansion in the consumer base of the luxury market, projected to grow from 400 million people in 2022 to an impressive 500 million by 2030, while the market size is expected to triple during this period.
Changing Dynamics Of Luxury Market
The issue delves deep into the shifting trends in the luxury market, highlighting the significance of convenience, sustainability, and personalisation in the realm of businesses and consumerism. It identifies sectors such as hospitality and lifestyle as the prime driving forces behind future growth.
The cover feature of this edition takes a comprehensive dive into the luxury market and features actor Sonam Kapoor, who shares her perspective on luxury and underscores the importance of preserving traditional crafts and handmade creations. The facets of luxury are examined from multiple angles, with personalisation taking on a new dimension and the hospitality sector customising every detail of luxury holidays.
Readers can also gain insights from industry experts such as Jigar Shah from 82° E, Paul Lee from Amorepacific, and Sharad Agarwal from Lamborghini India in this issue.
Luxury Realty & Auto Boom
Moreover, the real estate sector is experiencing a notable resurgence, with high-end property sales growing by an impressive 130 per cent in the first half of 2023. This signals an unprecedented turnaround in the Indian luxury housing sector. Sustainability takes center stage in today's luxury landscape, with the automobile sector also making strides, as evidenced by the launch of the Audi Q8 e-tron and BMW X1. The Indian luxury car segment has witnessed a remarkable 16 per cent year-on-year sales growth during the first half of 2023, with projections reaching 45,000-47,000 units for the full year.
Biggest Quarter Of The Year - Festive Season
With the festive season in full swing, this quarter is a celebratory time for the market, marked by Navratris, Durga Puja, Dussehra, and Diwali. Ecommerce undergoes thorough scrutiny, encompassing various income groups, as businesses place their bets on this sector.
The issue brings out the booming ecommerce industry in Tier 2 and Tier 3 cities and the advertising opportunities it presents. As the media landscape continues to evolve, this issue explores the power of collaborations, the art of striking the right chord with consumers, and the challenges and opportunities that the advertising world faces.
Additionally, the issue casts a spotlight on the luxury market with actor Siddhant Chaturvedi, providing insight into the perspectives and ideologies of the youth regarding luxury. Craftsmanship, sustainability, ethical production, societal values, and responsible marketing are deeply embedded in the youth's concept of luxury, making them a significant force in the luxury market.
In the ‘Last Word’ column, Mira Kulkarni, Founder & MD of Forest Essentials, shares valuable insights into the beauty and luxury market of Ayurveda. She delves into the concept of eternal beauty and the enduring impact of Ayurvedic beauty rituals, all while emphasizing the prime focus on sustainability.
The latest issue of BW Businessworld is an essential guide for readers seeking to stay abreast of the ever-evolving luxury market in India.
