Relevance of Luxury Branding in Current Marketing Scenario

Abstract

India's tryst with luxury brands has changed gears over the past decade. With high disposable incomes and a penchant for all things luxury amongst affluent Indians on the rise, the country is emerging as the next stopover for global luxury brands such as Gucci, Christian Dior and Versace. Luxury Branding is a new ball game from the consumer as well as marketer's point of View. However it's important to realize how it has to be amalgamated with regular goods marketing and new trends in luxury goods segment. The evolution of luxury marketing, from affluent and wealthy consumers to mass markets, raises new challenges for marketing strategists. The interdisciplinary nature of the product brand, reputation of service provider and price value relationship of the luxury brand have left imprints in the emerging luxury market of India.