Innovative marketing solutions have always been of paramount importance to expand the landscape in the luxury market. The future of India’s luxury market will also be determined by the same factors, especially after the lockdown. The brands will aim to stabilize the processes and sustain their businesses in the coming months, rather than looking for fancy options.
Earlier, the luxury market in India was attracting a number of international brands. However, the scenario has changed after the increasing threat of Covid-19 pandemic. Most of the brands will be apprehensive to foray into the Indian luxury market anytime soon. Those who are already operating in the country are unlikely to think about the expansion.
There is hardly any doubt about the fact that the luxury market won’t be the same post lockdown. The world’s most vibrant and diverse market will undergo a litmus test with changing market dynamics. The brands will need to understand the complexities of the market. The issues that existed a decade ago will once again be the talking point.
Luxury brands will need to come up with innovative ideas to counter the complexities. Luxury expert Gaurav Bhatia’s tryst with the luxury market flourished on the back of similar factors in the last couple of decades. The history may be repeated with young and enthusiastic leaders taking the charge this time around.
The millennials in India will not be able to relish the magic of luxury brands due to the prevailing situation. The market won’t operate to its full potential either. However, it presents an exciting opportunity to the new businesses in the domestic market.
All these firms will need to be vary of the present circumstances, as the customers would definitely be more value conscious. This is where excellent strategy will be required, rather than looking too far ahead.