Luxury revolution sweeping India: What's fueling the shift in consumer preferences?

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Also Read: Rise of the uber-rich drives luxury brands in India Over a century ago, gold was perceived as a luxury item, reserved for special occasions and the affluent. However, today, it has transformed into a common household commodity, with widespread ownership and usage.

This transition exemplifies a broader trend where items once considered luxury goods have seamlessly integrated into everyday life. In the past, the demand for luxury products in India was primarily driven by the wealthy class, seeking exclusive and prestigious items to signify their social status and wealth.

However, in recent years, the demand has also been steadily increasing from the growing middle class, as rising incomes and aspirations propel more people to seek luxury goods as symbols of success and achievement. Indian consumers were traditionally known for their price sensitivity, prioritising affordability over other factors.

However, this paradigm has shifted in recent times towards a more product-centric approach rather than solely focusing on price. Also Read: Rolex to Hublot: Indians find more time for Swiss luxury Following the COVID-19 pandemic, there has been a noticeable shift in consumer behaviour, with many Indians embracing the concept of "revenge shopping." This trend, characterised by a surge in spending on luxury goods and experiences, has now become mainstream as Indians are increasingly venturing out and indulging in luxury purchases.

Similar to the surge in demand witnessed in China during the early 1980s, India is currently experiencing a notable uptick in the desire for luxury goods. This trend is being fueled by various factors, including the growing number of Ultra High Net Worth Individuals (UHNWIs), the expansion of