Litereature Review Luxury Apparel India

1315 words - 5 pages

ContentsIntroduction 2Literature Review 3Research Question 5Research Methodology 5Data Analysis 6References 7IntroductionThe consumer behavior in respect to Luxury purchase in India has changed considerably over the past few years. In today's time, the Indian consumer has many more options, is a lot more aware due to the immense exposure to communication by brands trying to engage consumers and create differentiation.The Indian consumer today is not price sensitive, many more various factors come into play that affect the purchase behavior and intentions of the Indian consumer who is much more evolved , factors such as the quality of the product, durability etc. play as important a role as the price.The Indian market has seen so many changes due to the huge shift of occupation from agriculture to the service sector, the Indian consumer now wants a more fulfilling life and is more demanding, he/she does not worry about the future as his job is more secure and he/she is more financially secure than ever, he/she believes in living in the present moment without much regard for the future.The taste and preferences are much more evolved and the Indian consumer does not mind shelling out a bit extra for better quality, the pockets are deeper and hence leading to a steep rise in consumerism. Even though the preference is still given to the product rather than the brand name, there definitely is a huge shift from price sensitivity to value sensitivity, which means that the perceived value of the product matters to the consumer much more than the price at which it is being sold and hence paving the way for bigger brands to make their presence felt in the coming years.A big factor that is affecting the purchase behavior is the use of credit during purchase, consumers are no long shy about using credit cards and hence purchase without second thoughts, they have deep pockets and high amounts of disposable incomes. Another compelling thing is that Indians are not content with just the product being available, they want the whole experience that is associated with buying a luxury product, they have a need to be treated in a special wayLiterature reviewThe current share of Indian Luxury market stands are merely 2% of the global market and is expected to grow at a CAGR of 15% for the next three years. The Luxury products segment witnessed the maximum growth followed by services (khan, 2008)The purchase patterns vary distinctly for China and India; societal factors play a greater role resulting in conspicuous consumption, where as in case of India it's more about showcasing that one has arrived, being more individualistic (jain, 2013)Luxury brands appeal at three levels functional, emotional and experiential level, the gradual shift towards experiential level is apparent with the service based industry growing at 23% CAGR. Consumers while buying luxury products want to gain experience (venkatesh, 2010).India is witnessing the emergence of expectation economy which...

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