It is the time for General elections. Remember the time two decades back when there was a Shining India campaign. Centuries back, India was Eldorado for all invaders and conquerors worldwide throughout history. Greeks, Central Asian, and West European Invaders robbed this Land and turned India into a deprived third-world country. India found its right path after Liberalization and well-intended policy-making in the last decade. Most of the champions on the left side worry about the last man in the pyramid. Though one cannot disregard the pain and hardships of a large segment of the populace still oppressed and have remained underprivileged in rural, semi-rural, and urban landscapes many out of this segment have set themselves and their families to aspire and improve their quality of life. There are many initiatives at policy levels that have helped every segment of society. Some have managed to make life easier while some have taken it to the next level economically. Aspiring India is driving the economy across all sectors. The trickle-down effect of the economy is working as well further driving aspirations. The leaders of the economy and those who benefitted from the boom across the sectors have taken the economy to glittering heights. The glittering class inspires the aspiring class to work towards themselves to be counted in the glittering class. Not only are they making new heights for themselves in terms of achievements, but they are glittering on the world stage. And the entire world is taking note of it. If you see their spending patterns and observe how the global luxury brands as well as Indian brands are catering to this glittering class you will really believe in the India story.
The year 2022 was one of the best for the Indian luxury industry, according to a recent report. The luxury market in India ($8.5 billion) could expand 3.5 times by 2030, says the report. The potential is being realized by the entry of more luxury brands into India. Europe’s largest luxury departmental chain with 290 stores that house over 200 brands has partnered with Aditya Birla Fashion Retail to start Indian operations. Reliance Brands has signed up to bring famous Italian and Spanish brands to India.
Discerning Indian consumers are seeking best-in-class brands and want to settle for nothing less than the world’s best — most famous watches, perfumes, accessories, and jewelry brands. Their homes are statements, and they don’t hesitate to make multiple trips to Europe and the USA for unique artifacts. But there is also a strong urge to support indigenous luxury. It’s even better if it’s handcrafted and has a story to tell about the country’s glorious heritage. The consumer who buys an expensive diamond necklace from World’s most famous brands is more than willing to complement it with an exquisitely crafted Saree priced ₹5-7 lakh from an Indian brand. This adds purpose to the purchase (supporting local artisans), not to mention the great pride of wearing India on the sleeves. This has spawned a plethora of Indian luxury brands. This is apart from myriad direct-to-consumer brands. From bespoke jewelry, fashion and crafts to luxurious river cruises and handcrafted single malts, Indian luxury, though in its infancy, has a bright future.
Indian companies also cater to Individual demands and Customization to source the best material for the best products they sell. Customers don’t expect this level of service at any of the globally acclaimed jewelry stores. Indians are no longer apologetic about ‘Indianness’. They are flaunting it. That has had a positive rub-off on Indian luxury brands. The earlier assumption was that luxury came only from Italy, France or New York. Today, India has enough confidence in its culture to develop a story that is not a copy of Milan or London. The growth of a few major global brands in post Covid-19 era has come from Indian Brands.
One big reason the Indian consumer is turning to indigenous brands is awareness of the need to reduce the carbon footprint. The best way to ensure this is to support local artisans. The trend has ushered in an era of ‘silent’ luxury. There is subtlety. The craft and value of the garment will come out in its uniqueness rather than the logo. It’s about the quality of materials used. With people of Indian origin increasingly assuming top positions in business, science, fashion, and films, the apprehension about showing off Indian craftsmanship and designs has significantly reduced in the past decade. Also, the spending power of consumers has gone up significantly.
But is this trend a cause for celebration or should we be concerned about it? All the glitter normally leads to a glow on social media. All the luxury acquisitions of domestic and international brands invariably feature on social profiles. It leads to many aspirations out of peer pressure. This adds to stress and anxiety leading to mental health issues. The phenomenon of glitter creating more aspirations has its underbelly. Though it’s very natural to aspire, it should not result in envy. This envy may lead to crime. Mental health issues and law and order may get impacted by glitter and aspirations. Indian philosophy has always promoted simple non materialistic lifestyles. The emphasis on core values, savings, and education has created stronger acceptance across regional divides. Things changed after liberalization. New generations, namely Millennials and GenZ have taken up to change core values and role models in our society. People consume more and spend more, which is not that bad for the economy, but we also need savings to be converted into investments. The approach towards consumerism should be balanced.
As we worry about the last person in the pyramid, we can serve him most through growth-driven policies; improve his living standards, healthcare, and so on. That can only be done in a strong economy. No amount of freebies and subsidies will help as they normally will be insufficient or won't reach him. Aspiring and Glittering India is now committed to growing. This is a welcome outcome.
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