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Luxury and Lifestyle Retail in India: A Multifaceted Market
Sita Mishra, Institute of Management Technology, Ghaziabad, India
Abstract: Retailing, one of the largest sectors in the global economy, is going through
a transition phase in India. Over the last few years, organized retailing in India is
spreading and making its existence felt in different parts of the country. In organized
retailing, one segment that has swiftly come into focus is luxury and lifestyle retail. India’s
escalation as an economic power to reckon with, has forced the global companies to view it as
one of the key markets from where future growth will emerge. India is home to some of the
richest men in the world, with the fastest growing high net worth individuals (HNIs) in the AsiaPacific region living here. The Indian luxury retail market is the beacon of the future,
with a number of international brands are vying to design, develop and deliver the high-end
goods and services to India consumers want. To do so, they are being forced to build their
distribution and to spur consumer interest in products that aren't familiar to many Indian
shoppers. The paper analyses the developments in this multifaceted luxury and lifestyle retailing
in India and focuses on prospects and challenges for luxury retailers in India.
Keywords: Luxury retailing, Lifestyle retailing, India, consumer behavior
1. Introduction
The Indian retail market, the fifth largest retail destination globally, has been ranked as the most
attractive emerging market for investment in the retail sector by AT Kearney's latest annual
Global Retail Development Index (GRDI), in 2009. According to a study conducted by the
Indian Council for Research on International Economic Relations (ICRIER), the retail sector is
expected to contribute to 22 per cent of India's GDP by 2010 (Financial express report,2010). At
present, the retail industry in India is estimated a US$ 400 billion industry. With rising consumer
demand and greater disposable income, it is projected to grow to US$ 700 billion by 2010 with
an expected annual growth rate of 30 percent, according to a report by global consultancy
Northbridge Capital (Indian Express report, 2010). Further, the retail sector is expected to rise to
US$ 833 billion by 2013 and to US$ 1.3 trillion by 2018, at a compound annual growth rate
(CAGR) of 10 per cent (CRISIL report,2009). In absolute terms, this figure is very commendable
but the actual contribution to the GDP comes only in the form of organized retail. Organized
retail segment grew at the rate of 42.4 % in 2007 and is expected to maintain a much faster
growth rate in next three years (Images F&R research, 2009). As of now, the organized part
accounts for around 6.5% of the Indian retail market. Though, it is expected to maintain a faster
growth rate in the coming years with an estimation of touching 13% by the end of 2010.
Over the last few years Indian retail has witnessed rapid transformation in many areas of the
business by setting scalable and profitable retail models across categories. Indian consumers are
rapidly evolving and accepting modern retail formats. New and indigenized formats such as
departmental stores, hypermarkets, supermarkets, specialty and convenience stores, and malls,
multiplexes and fun zones are fast dotting the retail landscape.
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The Organized Retail share has been gaining strength owing to the robust economy that has
given more disposable income in the hand of the consumer. This has led to increased demand of
products/services and a better shopping environment. Over the long term (5 years), it is expected
to grow at a CAGR close to 19 percent from Rs 852 billion in 2007-08 to Rs 2024 billion in
2012-13 as per CRISIL research (2009). The organized retail penetration as a result is expected
to move upwards from 5.5 percent in 2007-08 to 7.3 percent in 2012-13.Exhibit 1 based on
Images F&R research (2009) provides a glimpse of organized retail to total market for different
retail segment for the period 2004-2007. It can be observed from the exhibit that organized retail
has made its entry into all type of segments. Also, it is coming in all type of retail formats and
thus targeting different type of customers. Hence, India is also witnessing growth of luxury
brands in India, leading to introduction of new retailing stores called as Luxury stores. The
luxury retail market in India is showing great growth momentum regardless of the present global
financial crisis. Though the market is small, it is growing at a rapid pace fuelled by a small but
increasing number of consumers.
Exhibit 1: Share of organized retail to total market
Source: Images F&R research, India retail report,2009
The degree of growth for any sector in a particular country depend lot on the government
policies. These policies are very dynamic in nature and hence the changes in the investments and
trends for a sector. The luxury retailing has been also affected by certain changes in the FDI in
retail sector. Till end of 2005, no FDI was allowed in Indian retail market. Hence, number of
international luxury brands were only limited to 8. These brands were present only through
franchising route. Whereas, as government announced 51% FDI in single-brand format, the
number of luxury brands increased to 25 by year 2008. However, 100 percent FDI is allowed in
whole cash and carry (C&C) operations but that is not a model which luxury retailers will be
able to leverage to attract its target customers. Despite foreign direct investment restrictions,
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companies such as Versace, Oakley and Nike Golf are increasing area and product assortments
to draw consumer interest in what they consider one of the biggest markets in Asia (Menon,
2009).
2. Concept of Luxury Retailing
Luxury has never been something easy to define, yet this mystery concept is something highly
desired by one and all alike. Luxury has moved from its ‘old’ meaning of ownership (also known
as conspicuous consumption) of objects to the ‘new’ meaning of the experience / fulfillment
derived from possessing a certain object (Mansharamani and Khanna,2007). The market for
luxury characterised by individualism has become ever more developed over the course of the
centuries, driven by the glorification of all things sensual as well as the demand for refinement
(Sombart, 1988). Luxury fashion goods are apparel, accessories, handbags, shoes, watches,
jewellery, and perfume for which mere use or display of particular branded products brings
prestige to owners, apart from any functional utility (Vigneron and Johnson, 2004).
Vigneron and Johnson (1999) integrated previous research findings in delineating five effects on
luxury goods consumption: interpersonal Veblen, snob, and bandwagon effects; and personal
hedonic and perfectionism effects. Individualists purchase luxury goods for self-directed
benefits: affective (e.g. hedonic pleasure), symbolic (e.g. self-expression), and utilitarian (e.g.
taste for quality) (Tsai, 2005). Interpersonal factors are primary influences on luxury goods
consumption in Asian cultures. Wong and Ahuvia (1998) contended that collectivist orientation
goes far in explaining Asian consumers' purchase and display of luxury goods. They described
that the tradition of honouring others with expensive gifts also helps account for large sales of
these goods in Asia. Asian consumers purchase luxury goods to secure social recognition and to
adhere to social norms (Shütte and Ciarlante, 1998). The immense popularity of luxury goods
among Asian consumers derives partially from considerations of “face”, the importance of the
regard of others (Bao et al., 2003; Li and Su, 2007). Doctoroff (2005) argued that Asian
consumers purchase luxury goods for status display because their culture emphasizes hierarchy
and status. Asian consumers' status-seeking purchase of luxuries emphasizes social meanings
conveyed by price, brand, or packaging (Willis, 2006).
Luxury retail sales doubled to $US220 billion over the last decade, driven partially by an
unprecedented doubling of millionaire consumers worldwide (Demos, 2007; Gumbel, 2007).
Europe and the USA are the traditional main markets, but Nueno and Quelch (1998) reported
that Asia had come to account for 24 percent of luxury sales versus 40 percent for Europe and 28
percent for North America. The cult of the luxury brand is so powerful that Asian consumers
account for as much as half of the global luxury industry (Chaddha and Husband,2006). India
has been identified as an important source of this growth and is likely to grow at an annual rate
of 28% in the next three years. The accelerating pace of economic and social change is
transforming the Indian luxury landscape (Economictimes report,2008). But despite the
immaturity of the Indian market, there are already clear trends developing, mainly in the
penetration rates of luxury brands into the men’s and women’s sectors. Luxury clothing,
fragrances, premium footwear, home electronics and high-end watches have achieved good
penetration among male Indian consumers, but items such as cufflinks, belts, wallets, luxury
wines, Champagnes and cigars still rate low on the wish-lists of many Indian men seeking luxury
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brands. Among women, jewellery, cosmetics and skincare can already boast high levels of
awareness, followed by categories such as underwear, handbags and mobile phones
(Davitt,2006).
Luxury brands are now following the Indian consumer, expanding their sales operations.
According to a study by the Discovery division of Mumbai based O&M advertising; India and
China are beginning to contribute in a big way to the global market for luxury products. This
global market was estimated at approximately $69.4 billion in 2003 and is expected to grow 50
per cent to reach $140 billion by 2010 (Chuganee, 2006). According to the World Wealth Report
(2005) published by Capgemini and Merrill Lynch, the BRIC nations (viz. Brazil, Russia, India
and China) continued to emerge as an economic force and create wealth in the process. The
World Wealth Report puts HNI growth in India at 14.6 per cent per annum, nearly double the
global rate. This is likely to be much higher. More than the numbers, it's the attitude that has
changed. It is, thus, the emergence of mass affluence combined with aspirational mindsets and
lifestyles that are helping to stimulate consumer demand for luxury retailing.
3. Luxury Retailing in India – Opportunities & Challenges
In fact, luxury in India was synonymous in pre-British times and even the post- British era saw
its pockets of richness of erstwhile royal families and the newly-developed industrial classes who
were the users of European luxury brands. The Indian attitude towards luxury had long been akin
to Europeans. Indian princes had a penchant for luxury goods from the west. Brands such as
Cartier and Louis Vuitton were patronized by the Patiala royal family among others, and many
princely families in Rajasthan had their own private collection of luxury cars. The emergence of
new elite in India was all that was required for the mindset to resurface. With the libralised
economy opening up new pockets of affluence in India, luxury retailers would found new
customers in India.
The last couple of years have seen a profusion of luxury brands into the Indian market: from
stand-alone stores in five star hotels to luxury Malls. These brands which were previously only
seen in international fashion magazines and high streets abroad are now gaining popularity in
India. With one of the highest levels of disposable incomes, the well-traveled Indian luxury
consumer is being wooed by all.
In most surveys of the luxury goods market globally, the most exciting market is mainly viewed
as China. But, looking at the growth in GDP and HNIs in India, there can be little doubt that the
Indian market is going to see considerable demand increases and general growth in the coming
years. Organized retailing in India is expected to grow at 19 percent. Thus, in terms of
investment in retail sector, India is likely to be one of the hottest destinations for all type of
retailing including luxury retailing. The wealth potential of India’s affluent was to the tune of
US$ 203 billion as of 2005. With income levels going up, customers prepared to buy such brands
are growing in numbers. According to an NCAER Household Income Survey (Exhibit 2), in
2005-06, there were 53,000 families in India with annual incomes of more than Rs 10 million.
By 2010, India will have some 1, 40,000 people in this super rich category. Industry estimates
suggest that as many as 200-300 international luxury brands are trying to make inroads into the
Indian luxury market, already worth Rs 2,400 crore ($444 million according to the “India Luxury
Trends 2006” report by KSA Technopak), growing at 30-32 per cent. In terms of size, India
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would be around USD 5 billion, of which the most visible part – the products category
comprising apparel, fashion, watches , jewellry, accessories, cosmetics, wines and spirits is the
smallest. Luxury services – hotels, gourmet restaurants, spas are the next and assets – luxury
cars, yachts, jets, houses are the largest category (Hudekari,2009).
Exhibit 2 The Indian Wealth League
According to a report prepared by DSP Merrill Lynch and Capgemini (2008) the number of High
Networth Individuals (HNIs) has gone up by 23 per cent in India. The report further mentioned
that the combined wealth of the HNIs has increased to $440 billion until 2007.Luxury retail in
India is being flaunted as the next big thing in Indian retail scenario. The market in India is now
considered as the next China for luxury goods consumption. Luxury goods manufacturers and
retailers are keen to tap further this rising affluence and increases in aspirational lifestyles and
consumption patterns. According to value partner report (2008), ‘Luxury Retail’ in India is still
very small but is growing at a fast pace (Shown in Exhibit 3).
Given the fact that India does provide lot of opportunities for luxury retailers, it is definitely not
that easy a path. This paper looks into three key issues regarding consumer profiling that are very
essential from a luxury retailers’ perspective.
3.1 Consumer profiling
From the basic definition of luxury goods, one issue is definitely clear it is not meant for masses.
And thus, one needs to clearly define the target market for its goods/services. The foremost
criterion has to be ‘Disposable Income’. These products/services are very expensive and hence
are considered as luxurious. In Indian context perception of luxury varies between those born in
wealth and those belonging to new elite class of wealth creators. As mentioned above the
traditional users of luxury products in India were people from royal families, their consumption
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of luxury products was natural, an extension of who they were. But for second category of
customers, luxury is a source of gratification. Managing this dichotomy and creating a new
customer base is primary mandate for these retailers.
Exhibit 3 Growth of luxury market in India
a. Socio-Demographics
The first classification of customers can be done based on the Income-group and can be
clubbed into following three categories:
1. Luxury ready – These are people whose annual income is over USD 100k. They are
the present and primary consumers of luxury goods/services. Further, they are already
exposed to the world-class living and thus for them luxury is a necessity rather than
aspiration.
2. Future potential – These are people whose annual income will be between USD 50K
– 100K. They are the one who have just got exposed to luxury product/services. Thus,
their current focus lays on acquiring of luxury assets & products. They are ready to
splurge on the brand of aspirations, though not very frequently. For them, the luxury
is still to flaunt and not a necessity.
3. Others – As obvious, people with income below USD 50K are clubbed in this
category. As of now, they are no way going to spend on luxurious items but certainly
they are the one who works really hard to move upwards in the ladder. Hence, it is
advisable for all luxurious products/services having a long term plan for India to
ensure the brand communication reaches to them.
All the three categories of consumers are likely to grow in the near future in India.
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b. Lifestyle attributes
Income level justifies that India do have a sizeable number that spends on luxury
products. But, why a person does would like to spend on luxury products/services. This
is where the understanding of the lifestyle attributes of such prospects provides useful
information. These inputs help the luxury and lifestyle retailers to customize its offerings,
and provide services that are world-class. SRI Consulting Business Intelligence places
consumers in three groups based on psychographics according to what luxury means to
them.
•Luxury as functional: This segment is composed of consumers who buy luxury products
for their superior functionality and quality. They usually involve themselves in a longer
decision making process in order to make rational and logical decisions, rather than
emotional or impulsive ones.
•Luxury as reward: This segment purchases luxury goods in order to showcase their
achievements. They are motivated by their desire to be successful and demonstrate this to
others. They usually purchase ‘smart’ luxury that demonstrates importance while not
leaving them open to criticism.
•Luxury as indulgence: This group’s purpose for luxury goods is to self-indulge. They are
willing to pay a premium for goods that express their individuality. They enjoy luxury for
the way it makes them feel; therefore have a more emotional approach to purchases.
c. Buying Influencers
According to AT Kearney research analysis, the luxury consumers are most influenced
by peer groups. They are primary influenced by ‘peer feedback’ and positive ‘word-ofmouth’ reviews (Hudekari, 2009). In addition, the media also plays a strong role as an
influence with lifestyle publications, television and the internet. The Luxury Marketing
Council Worldwide has established a chapter in India, with the aim of promoting luxury
in India. Their task is to build synergy between various luxury brands interested in India
by way of sharing of consumer insights as well as best practices. Hindustan Times has
been at the forefront of driving the luxury revolution in India by organizing two Indian
Luxury Conferences in the last 4 years. To add to it, it also brings out a monthly
supplement of luxury goods available in India, thereby creating awareness for the luxury
brands. India now organizes two big Fashion Weeks viz. Wills Lifestyle India Fashion
Week and Lakme India Fashion Week. These fashion weeks aim to make India a global
fashion destination and to increase visibility of Indian Designers in the global fashion
arena. Additionally, Fashion Magazines play an important role in generating awareness
of luxury products from a global perspective
3.2 Challenges of Luxury Retail in India
Despite its growing number of millionaires, India lags emerging market peers China and Brazil
because of a lack of quality retail space, high import duties on luxury goods, a cap on ownership
in local units, excessive red tape and piracy. Luxury goods in India also make up the smallest
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proportion of the overall retail market, just 0.4 percent, according to Bain and Co. Report,
compared to 2.7 percent of China’s retail market (The Epoch Times report, 2009). There is no
denying the fact that India is heading towards a retail boom, however unlike the high end fashion
capitals of the world like New York, Milan, Paris or London, India has no high street worth
mentioning. Availability of appropriate space is a priority for luxury retail, and the lack of such
quality retail environment in India is the reason behind the top international brands choosing the
exclusive ambience of deluxe five-star hotels than camping it out on the streets. Apart from this,
the luxury brand holders are concerned mostly with ensuring and maintaining the right brand
position (Sparks,2007). Although sales are clearly vital, the key element in driving sales is that
the brand retains its position and attractiveness as a desired luxury brand, which may be affected
by swings of fashion, brand position dilution, loss of control of distribution and the counterfeit
and duplicate markets. Thus, if a brand position changes in the eyes of the HNIs and aspirational
consumers then the luxury added value may be lost. Therefore, luxury retailers need to protect
their brand positioning and full control of the channels of distribution so that customers feel
exclusivity with these brands. At this nascent stage of development, luxury brands need to
concentrate on a few key distributors who understands the luxury retail philosophy and have
passion and commitment to build these brands (Goenka,2007). The tighter control has been one
factor in the expansion of counterfeiting, as these duplicate products tend to be aimed at either
ripping off aspirational consumers or targeting the lower income market. Nevertheless, a plethora
of cheap duplicate goods does damage the brand image and is of concern to luxury and lifestyle
retailers in India. In addition, today, fashion brands are giving luxury brands competition because
of marketing mix and branding strategies, which makes it acceptable to pair these two brands.
Some of the challenges inhibiting the growth of luxury retail in India would be:
• Rentals costs have gone up dramatically and now match those in Singapore or even London
although sales for luxury goods are lower because India is still a developing market. This has
put luxury brands in a spot, slowing expansion plans and, in some cases, forcing a reshuffle
in franchise partners. In addition, luxury stores finding it difficult to break even at the current
sales density and rent. Brands are now pushing back break-even points to around four years
from two years as they had planned. Building scale is still a challenge as there are a few
select cities with potentials for luxury retail.
• There is lack of high quality luxury retail environment, with its presence restricted to select
hotels which leads to low footfalls. There are no modernized and dedicated luxury retail
areas in protected areas like airports. There is high cost of setting up luxury stores due to high
rentals on certain prominent high streets, besides this some of the high streets like Connaught
Place (Delhi) are cluttered and crowded, with a hot and humid climate. In addition, the high
streets are unsuitable due to the absence of exclusive ambience demanded for luxury retail.
Although, this situation is somewhat ease after opening of India’s first two luxury malls viz.
the United Breweries Ltd’s UB City mall in Bangalore and DLF Ltd’s Emporio mall in New
Delhi.
• Luxury products are not competitive in India because of high duties. Duties on luxury
products are also among the highest in India, which means retailers often crunch margins to
keep prices comparable to other markets. This makes rental to margins ratios and rental to
revenue ratios wafer-thinDealers in luxury brands have urged the Government to rationalise
the taxation structure in the country so that luxury brands, which were still largely purchased
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abroad, were available at globally competitive prices to Indian consumers. Govt. should take
legislation like Foreign Direct Investment (FDI), Value Added Tax (VAT) and other duties
into consideration in order to help promote the sale of luxury brands for which there was a
sizeable demand within the country.
4. Conclusion
Luxury retail is growing at a frantic pace in India, but still there are a sizeable number of rich
Indians not known to luxury, leaving lots of room for those trying to walk in the fray. The Indian
luxury market is a story waiting to be told, as all segments of this market viz. Luxury product,
services and assets are growing rapidly and can potentially triple in size by 2010. Indian luxury
market will be very crucial to the global luxury retailers in near future. However, luxury retail
players should keep in mind certain considerations before they make their foray into the Indian
Luxury retail sector. They need to focus on long-term investment and continue investing in spite
of short term losses, strong organization comprising of a committed local team, finding the right
partner for joint ventures with a clean track record and competence in retail, consumer
understanding and real estate (as space is a premium) and customization of the merchandise
according to local flavor and body structure. Despite presence of several growth prospects in
India, this market presents lags emerging market peers because of a lack of quality retail space,
high import duties on luxury goods, a cap on ownership in local units, excessive red tape and
piracy. But despite the nascent market, some clear trends have developed by now especially in
the penetration rates of luxury brands into the men’s and women’s sectors. The starting point for
identifying successful Luxury brand strategies in India has been established by identifying
certain salient aspects of luxury brands that remain constant as well as identifying the stage of
mindset of the Indian consumer towards these brands. Going by the latest wheel in the luxury
retail sector, India is debonair and is one of the fastest growing markets after the Gulf. With the
inexorable pursuit for luxury, the affluent class with tremendous purchasing power are on the
fast lane endorsing leading luxury brands which have all chosen India as the ‘happening luxury
retail destination’.
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