IndiaRetailBiz

“The number of outlets that the brands (like Gucci, Calvin Klein, Diesel, Christian Dior, Fendi, and DKNY) have opened up in the country in recent times is a testimony in itself of the increasing fashion consciousness amongst Indians.” — Vatsala Pant, Associate Director, Client Solutions, The Nielsen Company.

Fruits of rapid increase in economic growth of the country have begun reflecting not only in terms of increased consumer spending, but also on the quality of such spending increasing number of them preferring  to buy branded luxury goods. According to experts Indian luxury goods market is expected to grow exponentially from $one billion now to $30 billion by 2015.

With over a third (34%) of Indian consumers buying Calvin Klein at some point of time, the brand has emerged as the number one foreign luxury brand on their buying list, though, in their opinion Gucci was the most coveted foreign brand, if money was not a constraint. Besides, Calvin Klein, Indians consumers have also bought other luxury brands like, Gucci, Diesel, Christian Dior and DKNY.

These are the findings of a survey of 26,312 persons, spread across 48 markets, conducted ‘online’ by well known global market research firm The Nielsen Company. The survey conducted in November, 2007, included Indian shoppers. Respondents in the survey included shoppers from Europe, Asia Pacific, North America and the Middle East.

Interestingly, according to survey results, India is the third most brand conscious countries in the world. Greece and Hong Kong top the list of such countries. Over one third (35%) of the Indians in the survey said that they spend money on luxury brands.

India has also emerged as among the top ten markets for some of luxury brands. According to the survey, India ranks as the third most important market globally for Gucci, the sixth most for Calvin Klein, the ninth most for Diesel, and the tenth most for Fendi.

According to The Nielsen Company, the overall awareness about designer brands has been aided by people travelling overseas.

Although, three fourth (or 73%) of Indians consider designer brands to be overpriced, India is among the top countries where customers believe that branded designer brands are of a better quality than unbranded ones.

Interestingly, Indian consumers are equally conscious of Indian luxury brands, as over 40% of them said that they also purchased Indian designer brands. This puts India among the top six countries that buy local brands.