BW Businessworld - November 02, 2024

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BW Businessworld's Latest Issue Decodes India's Luxury Market & Festive Economics

The issue explores the concept of responsible luxury and highlights the festive season. It looks at tech impact and the surge across ecommerce, automobiles, jewellery and consumer markets

BW Businessworld released its latest issue, delving deep into the transforming definition of luxury in India and the promising festive season outlook. The edition showcases exclusive insights into how luxury brands are adapting to evolving consumer preferences, with a special focus on sustainability and technological integration.

A Move Towards Responsible Luxury

The issue stresses the luxury sector's increasing emphasis on sustainability and technological advancement reflecting the evolving preferences of today's well-informed, conscious consumers.

The cover story in this edition features Bollywood actor Ayushmann Khurrana speaking about style, luxury and meaningful connections with the audience. The actor emphasises the significance of luxury brands making meaningful commitments, a sentiment echoed by several industry leaders who offer their perspectives on emerging trends.

Tech In Hyper-personalised, Sustainable Luxury

The issue also explores how cutting-edge technology is altering the luxury sector. From enhancing customer experience to enabling hyper-personalisation, technology is pivotal in helping brands shape their sustainability journeys. The evolution redefines how brands interact with their customers, making personalisation a cornerstone of the luxury experience. By employing data-driven insights, luxury companies are crafting bespoke experiences that cater to individual preferences, solidifying their success.

Second-hand Luxury Market

The issue highlights a significant shift in India's luxury market dynamics, with projections indicating that the second-hand luxury goods sector will reach $1,556.2 million by 2032. Sustainability in luxury is also marked by the growing trend of second-hand luxury goods. Conscious consumers are increasingly favouring the resale of high-end items, prompting major luxury brands to embrace the resale of pre-owned merchandise. By integrating the resale market into their retail strategies, brands are ensuring quality control and expanding their market reach.

Festive Season Powers Economic Growth

A special feature in the issue examines the economic impact of India's festive season, particularly Diwali across various sectors. Retail giants like Flipkart and Amazon foresee record-breaking sales between October and December, with this period accounting for 30-40 per cent of their annual revenue. Similarly, the automobile industry projects a robust 15-20 per cent boost in sales, driven by festive discounts, new model launches and heightened consumer demand.

The festive season also brings a golden opportunity for the jewellery market, especially with a renewed interest from young consumers. The period witnesses a frenzy of purchases, driven by cultural and traditional associations with gold as a symbol of wealth and good fortune.

The festivities are a boon not just for jewellery but also for industries such as electronics, apparel and fast-moving consumer goods (FMCG). Retailers are capitalising on the active consumer sentiment, with high sales volumes and attractive discounts fuelling growth. The seasonal upswing in business activity serves as a testament to the intricate link between cultural celebrations and economic prosperity in India. The period also traditionally witnesses a bullish trend in the stock market, driven by cultural associations with prosperity and auspiciousness.

A Deepavali Bedazzled by Gold

Gold's timeless allure bedazzles Indians this festive season too. The All India Gem and Jewellery Domestic Council (GJC), representing 3,500 jewellers nationwide, projects a sparkling 30 per cent spike in retail sales, even as exports falter owing to weaker demand in the United States.

1 min

Sheer Luxury

Many moons ago, somewhere in the mid-1990s, when remnants of the Berlin wall and the graffiti on it were still visible around Brandenburg Gate, a group of journalists from India were invited to tour unified Germany by its Federal government - this writer among them.

1 min

INDIA RISING -OH REALLY?

AS I SIT DOWN TO plan my 50th column for BW Businessworld, my first concern is about the topic.

9 mins

"NURA: Where Al-enabled Imaging Meets Expert Healthcare For Early Disease Detection"

In an exclusive interaction with BW Businessworld, MASAHARU MORITA, Founder and Programme Director at NURA, states that with centres in Gurugram, Mumbai, Bengaluru, and Hyderabad, NURA is redefining how Indians approach health by emphasising the importance of early detection and intervention.

2 mins

Right Notice Period After The Resignation

THE GREAT RESIGNATION, a global phenomenon, has also affected India, where many people have chosen to leave their jobs in large numbers. It has ignited debate, with attention paid to its underlying causes.

3 mins

A Golden Era

INDIANS' LOVE AFFAIR with gold is well known. The yellow metal has surged in value, repaying the trust India has reposed in it for decades.

4 mins

INDIA'S LUXURIOUS ASCENT: EXPANDING HORIZONS

INDIA, WITH ITS VAST population of 1.4 billion, often conjures up images of poverty and inequality.

4 mins

Opportunities in Luxury Real Estate and Gold

With smarter and diverse portfolios, HNWIs are not only preserving wealth but also pursuing growth opportunities

3 mins

The Surge of Sustainable and Quiet Luxury

Sustainability and quiet luxury are reshaping how we perceive and experience luxury - a unique mix of subtlety, elegance and ethical awareness, both globally and in India.

4 mins

Luxury―The Need and Approach to Design

DESIGN TODAY has evolved beyond mere functionality - it's about how a space feels and what it says about you.

2 mins

LUXURY WITH A CONSCIENCE

Luxury consumers today are not just aware but also mindful of the choices they make, and want to align with brands that are responsible as well as ethical.

4 mins

"Heirlooms are luxury because they can stand the test of time"

BW Businessworld caught up with the national award-winning actor & artist, AYUSHMANN KHURRANA, for his take on luxury, style and much more. Excerpts

4 mins

GOLDEN MOMENTS

The festive season boosts sales across industries, contributing 30-40 per cent of annual revenue and driving economic momentum during October to December

4 mins

From Runways To Red Carpets

Celebrating her fourth decaversary in films & fashion, veteran couturier Neeta Lulla roots her success in sticking to her philosophies, which have helped her slice a unique identity and are also truly reflective in her latest festive collection.

3 mins

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BW Businessworld is a fortnightly magazine that has been published since 1975. It is one of the most popular business magazines in India, and it is known for its in-depth reporting and analysis of the Indian business world. It also features interviews with leading business leaders and entrepreneurs. It's a guide to the ever-changing business landscape.

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