Is luxury retail business in India seeing a growth?

Most companies around the world had to make the transition to an online-only mode in order to continue running their business despite the pandemic. Luxury retail has kept up with this trend. Consumers can now shop for luxury goods from their homes with just a click.

Most businesses around the world had to make the transition to an online-only mode in order to continue operating their business despite the pandemic. Luxury retail has kept up with this trend. Consumers can now shop for luxury goods from their homes with just a click.

In 2025, online luxury shopping will account for 30% of the global market. According to a Bain & Co. study, global online luxury sales increased by 50% from EUR33 billion in 2019 to EUR49 billion estimated in 2020.

Indian consumers have recently given luxury retail the attention it deserves. Since then, many online and offline luxury retailers have served numerous customers across the country. The rise of luxury online was a huge boost for the industry, as other businesses were suffering from the pandemic.

Luxury was once a luxury that only the wealthy could afford. The world has seen a major shift in the last few years. It is not wrong to predict that luxury will soon be dominated by the middle class and aspirational young people of the country due to the expanding income brackets. Darveys, an online luxury retailer, has seen a growth of 300 percent year-on-year.

Sustainable Fashion

Today, the world is more aware than ever before, and consumers are more concerned with global issues, including those affecting the fashion industry. There is a buzz about sustainability and sustainable fashion. Luxury is usually associated with high-end materials such as leather and fur. However, due to the increased awareness of animal rights among consumers, some luxury brands have chosen to go green. Compassion is the new luxury, and people are contributing to this cause everywhere. Luxury brands, such as Stella McCartney, Armani Valentino, and Rag and Bone, have already banned animal-based products or are working towards it.

Slowly and steadily, people are beginning to warm up to the idea of sustainable brands in India.

Switch from online shopping to offline browsing.

Not long ago, entire cities and towns around the globe were closed due to the pandemic. International travel is still banned, and local shops are not open to purchase items that aren’t considered necessary. Many people are unable to visit luxury shops, especially in major cities where the pandemic is still raging. Online portals that offer luxury products are stepping in to help consumers. This adaptation is part of the nature of all living things. It has resulted in a shift from offline shopping to online. People browse e-commerce websites from their phones or computers and end up purchasing things. Luxury items are included in this.

Retailers have, therefore, started to personalize each step of the purchasing process in order to keep the customer’s attention. The offline interface has been made more appealing and user-friendly. This has helped the luxury market gain more traction.

Luxury upsurge

Luxury is becoming more accessible to everyone. In India, luxury has never been more accessible. It is a surprising reality that the desire to maintain a luxurious lifestyle has become more prevalent.

Shopping can be therapeutic, and it helps to relieve anxiety when you are confined at home. There is an increase in online shopping worldwide. The success of luxury portals is evident in the daily influx of customers who are looking to purchase luxury goods. The luxury lifestyle may begin small, but people will eventually want to upgrade. They enjoy the little things and wish to move up.