An undergrad owning a MacBook or the sight of a college girl with an Armani bag doesn’t raise eyebrows anymore in India. We are in the age of instant gratification. Nobody is ready to wait. Everyone wants everything and they want it now.
And everyone means everyone. People across income levels aspire to luxury and have greater access to it. Easy financing options and a robust market for second-hand merchandise are among the factors driving this trend.
Therefore, luxury brands need not target only the highest income group anymore. They also can focus on the Indian middle class with its rising aspirations and affluence. The growing number of HENRY (High Earning Not Rich Yet) individuals who have started spending on luxury brands are key contributors to this growth story.
Senior Research Executive