Contents
Title
Profile of Luxury Male & Female Customers in Western India
Author
Fadnavis, Milind
Classification JEL
M31
Abstract
With increasing brand awareness amongst Indian youth and purchasing power of upper class in tier II and III cities, Indian luxury market is expected to cross $18.3 billion by 2016 from the current level of $14.7 billion growing with a compound annual growth rate (CAGR) of about 25%, reveals ASSOCHAM study. In this paper, author has confined to western India and used sex as segmentation variable. Men and women using luxury goods and services have shown different trajectories on different parameters- buying, consumption, outlet and media habits. Only common factor among both segments was- average age of Indian luxury customer has gone down- ie customer is younger today. Male customers bought high end cars, Bose speakers, villas, shoes, watches and preferred experiences such as adventure sports, vacation on cruise and visit to unique places. Female customers bought cosmetics, fragrances, bags, jewellery and preferred experiences such as spa, beauty treatment, fine dining and cosmetic surgery. Media consumption habits of both segments were different which impacted place from where luxury items were bought and also brand choices. Aspiration levels were fuelled by internet and information available on various sites. This has particularly impacted t travel and tourism preferences and fining dining. Surprisingly, female customers preferred showrooms abroad and some preferred to buy at retail outlets at airports than at luxury malls in metros. Although price was not a barrier in case of both male and female customers, one category- high end car was an exception. Male customers, having preference for particular model of German car approached manufacturer in a group. This resulted in heavy group discount and also after sales service facility in non- metro town where these cars were sold in 150 numbers.
Keywords
luxury, customers, experience, unique
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