Sustained luxury demand sparks global interest
NEW DELHI : With India set to experience one of the fastest growth rates in luxury goods consumption, several global luxury companies are introducing their latest and best collections in the country. Richemont-owned watchmaker Panerai, for instance, has initiated an exclusive preview of its latest luxury watches in India this month to gauge buyer interest in the newest additions to its ‘Radiomir’ and ‘Luminor Due’ collections, some of which are priced as high as ₹50 lakh per piece. These watches were launched at the ‘Watches and Wonders’ show in Geneva.
The watches will now be showcased in major cities, including Delhi, ahead of the festive season in October. The company also plans to open two stores within this fiscal year, adding to its existing three. India’s luxury consumption, currently estimated at ₹12,000 crore, surged during 2020 and 2021 due to the closure of international travel, forcing wealthy Indian to buy locally.
The sector experienced a slowdown after travel curbs were lifted. However, with many wealthy consumers continuing to purchase luxury goods locally, the market is now showing signs of sustained demand. While the initial demand spurt from the pandemic has cooled off somewhat, companies remain confident of the strong future of the business here, fuelled by demand from millennials.
Many companies are preparing for the upcoming festive shopping and wedding season by expanding their stores or bringing in new and exclusive collections. Indian companies are also reporting strong growth. “Some categories like watches, branded jewellery, and ready-to-wear are continuing to grow at over 100%.
Read more on livemint.com
