INTRODUCTION:

Luxury brands industry has experienced a tremendous change in last 20 years. India’s luxury market.

Indian luxury market is projected to surpass 200 billion USD by 2030. According to statista report (2021) the luxury market revenue is amounted to 5.94 billion USD. The annual expected growth of luxury market is pegged at 8.03% (CAGR 2021-25) although covid-19 outbreak has made it difficult to foresee anything with certainty, attributing to incursion and exposure to international brands, more purchasing power of high profile customer group in tier II and tier III cities. Assochan report depicts Indian luxury market expands by five folds in next three years. The luxury consumer goods has been enlarged from old-fashioned until modern times, liberalization and globalization have opened the doors for luxury and fashion markets. Luxury goods are progressively changed from being the exclusive goods of the privileged class to consumer goods and most of these luxury goods use their attributes and emblems to pack the brand to attain the marketing goals. The marketing strategies of companies and its brands are completely associated with their success. It is observed that sales and consumer base for luxury goods are increased. The popularity for luxury goods is higher than that of known brands. Luxury represents status symbol and expression of high profile consumers. A series of endorsements by celebrities helped companies to promote brand heritage. The aim of the article is to present systematic literature review pertaining to luxury goods and desire of consumers to buy luxury goods, challenges involved in luxury marketing and strategies of luxury brand promoters are inextricably linked to their success. Also authors of the article made an attempt to give a comprehensive view of history of luxury brands and its significance are briefly discussed to facilitate a better understanding of luxury goods and the influence of those brands on consumer buying behavior. An in-depth analysis of content related to luxury brands has been carried out by using secondary data and required information has been collected from various articles published in leading marketing journals, case studies and e-sources, reports generated by various companies were majorly used. Besides, we used inclusion and exclusion criteria to select the sample size. Articles pertaining to luxury brands get reviewed, with help of key words such as luxury goods, consumer buying behavior, brands, trends, challenges are majorly used to source article. This article will facilitate readers a better understanding about marketing strategies and psychology of consumers towards luxury goods.

BACK GROUND OF LUXURY GOODS:

India is a country with rich tradition of luxury long back in the history, prior to independence era many kings who redefined needs, preferences and also they are creative connoisseur of luxury goods. Popular brands such as Cartier, Rolls Royce, Chaumet so on. Not just inspired India but also ranked India as their biggest client. For Rolls Royce car maker India is major client total 3,600 cars are sold by the company between 1907-1947 pre-independence era, India accounts more than 1000 cars. In late 1920 maharaja of Patiala, Bhupinder Singh sent a chest of gems to House of Cartier situated in Paris to make his crown jewels. With the passage of the time new players came into Indian markets. India is a country with different sections of people one section of people will falls under high profile i.e., rich class who spent more on luxury goods to represent status symbol on the other hand, people belongs to below poverty line. Taxation policies, conservative behavior of individuals after independence dampens them from showiness spending and depict of wealth. With new economic reforms i.e., LPG has opened doors for new markets, young, tech-savy population of India opens excess of opportunities for luxury brands in India.

GLOBAL OUTLOOK:

The global luxury market accounts a market value of USD 262.66 Billion in 2021 and it is expected to grow at CAGR of 5.6 % between 2022-28. The reasons behind for growth of luxury markets is due to increased purchasing power of net worth individuals, exclusivity and prestige are key determinants for growth of luxury markets. The market for luxury is driven by Millennial and Gen z. According to Cap Gemini report global wealth is increased by 8% in 2021 and net worth of high profile consumers increased by7.8% in 2021. The market demand for luxury goods is an upward shift across developed nations like United Nations and Western European countries while Asia-pacific acquires high market share and expected to grow at faster pace at 6.65% of CAGR. India stands best in BRICS region with 7.5% against china.

LITERATURE REVIEW:

Luxury represents essentially a surplus spending on top category of prestigious goods and brands it is widely discussed in scholarly articles and luxury fashion comprises of apparels, accessories, jewelery, shoes, perfumes etc branded items will enhance prestige to its owners apart from its functionality (Vigneron and Jhonson 2004) . luxury brands enrich consumer experience and represent symbolic dimension of users, while non-luxury goods score in functional and these goods helps to satisfy the socio-psychological needs of consumers(Shukla et.al 2009) High profile consumers strive to create social identity by purchasing luxury brands (Hume2010) usage of luxury brands is a social function and personal orientation this is an important theory which explains how brands will describe individual value and social value (Choo et.al and Kumar 2012) consumers are key in the purchasing brands, consumers are more aggressive and demanding in selection of brands it might modify their attitude (Bamola and Srivastava 2010). Millennials in contrast with other generations are highly materialistic, extrinsic and place a great influence on money and also on their self image (Paulin et.al 2013). Consumer purchase intention is associated with behaviour, attitude and perception towards brands and purchasing decision is an intricate process opines (Mirabi et.al 2015) luxury and fashion sector is unique by itself as consumers play decisive role in buying luxury and fashion items irrespective of their economic status and luxury fashion industry is highly sophisticated and perplexing and these brands are carefully manufactured in past (Hemantha,2020). Consumer buying is influenced by social media as the users of social media is increasing will enhance the strength of luxury and fashion markets and social media also contributes to the market growth. The high influence of social media such as instagram and tit-tok act like virtual run away for fashion fanatics across the globe (Ahmad et.al2015). (Athwal,et.al,2019) opines customers value luxury and fashion goods due to their perceived rarity, allure and overall luxury of the brand and luxury brands stimulate the emotions and fantasies of consumers through online marketing and inclusivity has become norm. Despite of rising demand for luxury fashion markets it is a primary motive to engage with social platforms is an appeal for luxury industry by millennial. (Hemantha2020) luxury brands always carry a significance value and legacy which is shark contrast to un-branded class of products in fashion industry. Millennials are highly Tech-Savy, more sophisticated shoppers and have tendency to get influenced by luxury and fashion goods and seeking for social identity and status in contrast to previous generations. These are the major factors have impact on purchase decision of luxury products and also it was observed that millennial will spend highly than saving money and compare with peers the arguments support that buying luxury and fashion items reflects the social status and makes differ from others in society which in turn makes millennials as target customers in luxury markets (Shin, et.al 2017). Individuals identify their attributes and aims to build their unique identity, People buy luxury brands because the purchases describes their personality and also those luxury brand signifies the overall attractiveness and uniqueness of product, luxury brands have an ability to fulfill customer experiences there by customers will get an opportunity to enhance self concept (Ladik, et.al 2015). (Daswani 2015) observed millennial consumers will not concentrate upon country of luxury goods origin but they expect the design and innovations in luxury fashion products hence it is very important to determine the millennial attitude. Older generation buy old brands and not more brand specific whereas, millennial consumers are brand specific and not stick on to single brand they are not loyal to particular brand (little,2012). Millennials like luxury brands specially foreign brands to grab the attention and social recognition and also observed rely more on peer groups while making purchase decisions (Fernandez,2009). Attitude influenced by social comparison, fashion and innovativeness, brand consciousness, consumer attitude has influence on purchase decisions of luxury brands. Luxury markets are determined by personal and interpersonal motives of consumers that leads to customer perception about brands (Wang et,al,2021). (Zeb et.al 2011) consumers are influenced by how they are perceived by others in society, how to represent themselves to others, their self-image is influencing them to buy luxury products as well as willingness to pay for high price luxurious products. Authors opine self-esteem also plays an important role in purchase decisions. Millennial population who are into high profile jobs will spend more on luxury items since, this generation grew up in digital era with fashion marketing and value of goods remains consumerism (Buckle,2019). (Gupta 2019) observed that tier I and Tier II cities like Ahmadabad, Chandigarh, Ludhiana are the cities experiencing demand for luxury goods, the probable reasons for the demand is penetration of internet and growing income levels of people this has contributed for new markets and luxury goods demand. Purchasing luxury and fashion items is a way to exhibit social status and establishing one’s identity in society upper middle class and rich people would be motivated to purchase luxury high end products not only to communicate their richness and affordability of luxury goods to establish identity (Chanda and Husband, 2006.Danzinger 2005). (Davar2018) India has largest youth population in the world and standard of living is increasing youth prefer to purchase luxury products hence; there is a scope for luxury marketing. (koshla,2018) there are many people in India and across the globe who travels different places on leisure they purchase luxury items from abroad for Vat refunds and lesser duties. The changes in family structures, nuclear families a single individual or couple, with only child or without any children’s will spend more on purchasing fashion and branded products (Bhattacharya 2018). Retailers such as myntra use the sentiment and selling premium products like Emporio, new look, desigual and Armani, the north face etc in their offerings (Gupta, 2018). Consumers have positive and negative attitude towards luxury and fashion items it depends on functional utility, experience with brands and symbol of luxury goods (Bigile, 2015), cognitive, affective and behavioral components affecting purchase decisions of products. Cognitive component is associated with product features or whole product, affective component is related to feelings and emotions attached to the product and behavioral component is linked with perception, predisposition towards product characteristics (Hawkins and Mothersbaugh,2010).

According to ASSOCHAM survey India luxury market is valued at $ 18 billion dollars and it is expected to grow by 100 billion dollars in next 8-10 years. Luxury watches and jeweler is the major segment in India. The revenue generated by Indian luxury market is 7.5 billion USD in 2022. Out of the total market revenue 2.2 billion USD is amounted by Luxury and watches in 2022.

Major reasons for growth of luxury markets In India:

1. Increased brand consciousness among people is one of the major reason for rise in demand for luxury goods.

2. Increased income level and growth of billionaires and semi-billionaires.

3. Exposure to luxury brands, increased usage of social apps and digital platforms helps marketing managers to penetrate luxury brands.

4. Luxury brands carry significance value and meaning to Indian tradition. Also symbolize the Indian culture i.e, big fat Indian weddings, gifts and festive. Luxury products signify the divinity, purity, strength and so on.

5. The brand craze is driver for luxury brands, Asia accounts 40% of luxury sales volume.

6. Celebrities glorify the luxury brands and provide identity in society as well as serve as status symbols.

Opportunities and Challenges for Luxury and Fashion marketing:

2020 is popularly known as new millennium, since then, demand for luxury and fashion goods has increased by two folds, rise from € 128 billion to €281 billion ( $ 142 billion dollars to $313 billion dollars) 4.1% CAGR. The new luxury markets is expected to continue to grow by 3-5% Asian markets driving the most of fashion industry growth. Still there are challenges and opportunities for luxury markets, the opportunities and challenges are stated below.

Opportunities for Luxury Markets:

Digital advertisement is one of the cost effective way of communicating brand luxury value advertisements help the companies. Celebrity endorsement and promotional activities of the company drives growth of luxury goods also influence consumer purchase decisions. Consumers are highly influenced by celebrities promotional vedios on social media viz blogs. Social media bridges the gap between consumer needs and marketers potential opportunity for product branding etc. social media is a major channel through which marketers create demand for luxury goods, millennial are socially active and connected to various social platforms for information search and these factors promote growth of luxury market. Increased Awareness about brands and Changing attitude towards luxury and fashion goods: the millennial generation are tech savy and exposure to trends and fashions, growing income levels , lavish spending and experimenting with luxury goods earlier generation would have refrained. Expecting quality newer styles than before and exclusively brand specific. Increased in number of High Net worth Individuals: 4% of Indian population falls under high net worth individuals and it is expected to grow by 12% by 2026 as per kotak management wealth survey report rise in disposable income and steady economic growth provides an impetus for high optimism and growth of luxury and fashion markets. Asia-pacific markets are expected to grow by 15 percent during forecast period. High luxury brand awareness and tax –free retail policies may drive markets and it is expected to reach the market by US$ 332.98 billion 2029.

Challenges for Luxury and Fashion Markets:

Growing uncertainty in business, instability in global markets threatens an impending recession due to this high profile consumers hold backs when things remain uncertain. Luxuries can be postponable purchases. Consumers trading down not up the competition among premium brands, low priced products which offer similar comfort and quality with low price tags. The brands without any unique features over its competitors won’t succeed. Lack of suitable infrastructure and lack of space and conducive environment for luxury brand showrooms besides, ambience for luxury brands is prerequisite. Weak infrastructure is a major challenge for luxury markets in India. High taxation and import duties also restricts the growth of Indian luxury markets and the consumers fly to different nations and buy luxury items at competitive prices so this is also a major challenge faced by Indian luxury markets. Availability of sales force with expertise skills in demonstration of luxury brands is a major challenge for a new companies who wants to set up a new business where as, well developed economies have their own training mechanisms. The market counterfeits has been increased besides, number of online websites and other social platforms selling fake products, replicas of original luxury goods is copied and circulating counterfeits products on social platforms. Luxury marketers face a challenge in creating luxury experience virtually. Socio-cultural diversity will pose major challenge to attract new customers, differentiate the needs of diverse population. It is a challenge for the luxury managers to communicate true meaning and value of luxury to its customers. High end products limit the customer base: Luxury and fashion markets offer high end products since they use skilled craftsmen and raw materials in luxury goods production. There is no corner for in inferior quality besides, majority of consumers are price sensitivity sometimes higher prices of products hinders market growth and only quality, price limits customer base.

Luxury Paradigm:

Basis for Comparison	Old Luxury Dimensions	New luxury Dimensions
Badge	Status	Self-expression
Luxury items are	Owned property	Investment on valuable Assets
Meaning	Indulgence	Eevated essentialism
Social praise	Brand	Credibility
Shopping Mindset	Adhoc	Always-on
Engagement	Possif shoppers	Critics and creators
Adoption	Absolute	Mix and match vintage

Source: Luxe digital

Trends in Luxury and Fashion Markets:

The report by Bain and Altagamma’s study revealed that Millennia’s and Gen Z account for luxury and fashion growth across the globe. It is expected that Gen Z and Gen Alpha luxury spending will grow thrice faster than other generations. Luxury brand expanded product portfolios with teenage appeal products at multi price points and digital driven.

Metaverse and Augmented Reality:

Meta verse creates immersive experience where the perception of consumers being surrounded and being part of different environment than normal. Metaverse use music and sound effects to trigger emotional responses of buyers. Gen Z applauding 60% of meta verse and helps retailers by providing prospective buyer group details also update market trends to retailers, promotes and facilitates digitalization of services as well as experimentation.

AR technology help luxury brands interactive displays and installations in stores, helps to enhance memorable experiences, creating virtual showrooms makes consumer more engaging and interactive also helps consumers feel more connected with luxury brands. Convenience and personalization valued more highly by today. Augmented reality enriches shopping experiences which influence consumer buying behavior and improves purchase decision making. Augmented reality differentiates markets offer luxury goods to consumers in overcrowded market with competitive advantage.

Social shopping:

Social shopping enables individual to social networks to recommend, share and comments on products and services which helps them to associate with brands so that they can enjoy shopping experiences. China has more social commerce market globally accounted more than $374 billions 1n 2021. In social shopping online retailers mimics the social interactions with consumers as in real world shopping situations.

Diversity and Inclusivity:

Gen Z not necessarily seeking out gender neutral items According to MC Kinsey state of Fashion report 2023, Gen Z reject binary classification of luxury and fashion items and confine to select fashion choices. Purchase luxury items across male and female and frequently termed as co-creators of defining and conception of fashion trends.

Experiential Retail:

Amazon Go is an example of experiential retail partially automated stores which help consumers to pick up items and go without any checkouts. Earlier consumers has become part of or taking in . Experiential retail promotes consumer engagement through augmentation and optimization of customer expectations and interactions with brands.

Sustainability:

Virtual try on technology plays a great role in building sustainable fashion future and brings positive changes in environment. Technology helps in reducing carbon foot prints, eliminates wastes and allows customers to make decisions by considering the various dimensions to look product and explore from different angles. Virtual try on technologies reduces physical stores and emissions etc.

Agility:

Fit technology enables brands and business more agile approach in case of garment manufacturing through customization and personalization of products. Gen Z place higher value on customization. In future channel diversification becomes trend to drive luxury and fashion market. Fashion houses and retail outlets should adopt an versatile, agile and experimental approach to meet the sales quotas.

PRINCIPLE FINDINGS OF THE STUDY:

1. The growth of luxury brands has been increased worldwide and significant increase in demand for luxury goods has noticed in Millennial and Gen Z, Gen Alpha consumers.

2. Millennial consumers are willing to pay high for luxury brands to enhance credibility, reputation and image in society.

3. The demand for luxury and fashion items is underpinned by attitude of consumers.

4. Expected to grow by five folds in next three years and net worth individuals are growing every year.

5. Social media is playing a major role in formulation of brand strategies and also influence Gen Z, Millennials buying behaviour.

6. Technological transformations have differentiated luxury products for different class of buyers.

7. Luxury brands signifies symbolic, experiential and generates functional consumer benefits to buyer groups.

8. The present study provides a snapshot of luxury and fashion markets thematic evolution, trends authors of the research article aims to give better understanding of emerging areas in Luxury and fashion markets research.

CONCLUSION:

Luxury and fashion market research has become one of the most fertile area in the marketing discipline considering its predominance in various allied areas. Existing literature survey probed into the explanation of underlying concept of luxury and fashion but none circumscribe the conceptual and intellectual combined research themes. To bridge the research gap and also to address issues indentified in previous studies. We used an integrative approach to combine all the dimensions pertaining to luxury and fashion markets, branding, consumer buying behaviour, Gen Z, Millennial’s Gen alpha, digitalization, agility, sustainability digital transformations are major key words used to generate new knowledge by analyzing existing literature. We found that new luxury is majorly concerned with young and digital native buyer groups and fashion consumption has been growing. In contrast with US and UK nations Asian luxury and fashion markets depict social status. The practical or Managerial implication of the present study helps managers to understand buying behavior of Millennials, Gen Z consumers identification of intent and purchase behavior is major.

LIMITATION OF THE STUDY:

The major limitation of the study is purely conceptual and no statistical analysis is carried out the authors used content analysis based on available literature obtained from various databases.

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Received on 06.10.2023 Modified on 23.11.2023

Asian Journal of Management. 2024;15(1):72-78.

DOI: 10.52711/2321-5763.2024.00013