A lot of us love to own anything that comes with a luxury tag on it. If you take a stroll in any upmarket mall in India, you can’t fail to notice the swanky luxury brand showrooms around. Indians today are becoming increasingly aware of brands. They aspire to own things that are high-end and luxurious. With luxury brands joining the e-commerce bandwagon, Indians today are shopping for luxury products online.
According to a recent report by A.T. Kearney, the global luxury market is US$15 billion and it is estimated to reach US$18 billion by 2017, and is growing at the rate of 20-30% each year. The report also suggests that India is the fastest growing emerging market for luxury goods, and is projected to surpass China. The luxury market in India is expected to grow at 86% in constant value terms between 2013 and 2018, according to Euromonitor International.
In the luxury market, service plays a very significant role in growth and revenues. A luxury product or service requires professionals that are capable of understanding the market, consumer psyche, demand and changing demographics. With the huge boom in the Indian luxury market, one of the biggest challenges that they face is a dearth of skilled staff. This is also one of the reasons why only about 30% of the world’s luxury brands have a presence in India. Industry experts have repeatedly cited that the need of the hour in the Indian luxury market is skilled staff.
A career in luxury brands can be fruitful and exciting because of its large scope and demand. Specific professional training, skill development and education are extremely important. Luxury brands across the world are in search of young, educated and enthusiastic professionals that understand the market. So, if you have an inkling for luxury brands, there is no better time than today to be a part of this industry!