The festive season has breathed life into luxury retail — a sector that hit badly during the pandemic. Luxury retail players are witnessing a beeline for high-end products amid zooming sales from everything from Rolex watches to Hermes bags.
The demand for top-end products is such that Pushpa Bector, executive director at DLF Retail is overwhelmed with requests from friends to help in procuring the latest collection of luxury bags or watches from top brands at her premium malls Emporio and Chanakya, according to Economic Times report.
Bector told ET that due to travel restrictions, people who usually shopped at high street business outlets in London, Dubai or New York are driving local sales of luxury goods. And the brands are responding as they match prices with the international markets and update stocks with their latest collections. Luxury shoppers are able to get the latest products within their city and in-store sales are picking up, she added.
With domestic travel on the rise, consumers are picking up premium sunglasses of brands such as Balmain, Cartier, Matsuda, Gucci, Tom Ford and Akoni more than ever, said Navneet Kalra of Dayal Opticals, who added that sales are back to pre-Covid levels at his outlets. Sale of ‘super luxury’ sunglasses is here to stay as long as domestic travel is robust, he added.
The report quoting a luxury brand consultant said upscale brands such LV, Gucci and Hermes have reached out to their Indian clients and invited them to experience the latest collections at local stores. Shoppers are stoked at getting their favourite top-end items home-delivered and do not have to worry about servicing or repair.
Gijanjali Saxena, business head, global luxury, Tata Cliq Luxury told the Economic Times that shoppers are now increasingly buying luxury items online as compared in-person sales earlier — a trend that has caught on in the last few months.
Luxury e-commerce has caught in India like other markets with increased digital adoption due to Covid-19 pandemic.
And its not just metros where luxury e-commerce is staking off as consumers from tier-2 cities such as Lucknow, Ludhiana, Chandigarh, Jaipur, Surat and Nagpur have turned into some of the biggest markets for premium e-commerce portal from the Tata Group’s consumer centric business.
Saxena anticipates 60% of her company’s revenues from non-metro markets.
A multi-brand watch retailer with many outlets said demand for brands such as Rolex, Breguet, Bvlgari and Omega has risen in the past few weeks the run up to festive season. He added that cities such as Hyderabad, Kochi, Bengaluru and Mumbai are running out of luxury items as people from nearby towns are flocking the cities to shop for such items. He said many retailer are apprehensive of investing huge sums in importing more items as they are unsure whether uptick in sales will sustain or fizzle out after Diwali.