Diwali is causing a stir for high street retailers as luxury brand sales explode
Diwali hits high street retailers as luxury brand sales explode | Photo credit: iStock images
The holiday season breathed life into luxury retail – an industry that hit hard during the pandemic. Luxury retailers are seeing a rush for premium products amid booming sales of everything from Rolex watches to HermÃ¨s bags.
According to Economic Time Report.
Bector told ET that due to travel restrictions, people who typically shop at main street business stores in London, Dubai or New York are generating local sales of luxury goods. And brands are responding by matching prices with international markets and updating inventory with their latest collections. Luxury shoppers can get the latest products in their city and store sales are increasing, she added.
With the increase in domestic travel, consumers are buying premium sunglasses from brands such as Balmain, Cartier, Matsuda, Gucci, Tom Ford and Akoni more than ever before, said Navneet Kalra of Dayal Opticals, who added that sales were back to pre-Covid. levels in its points of sale. The sale of “super luxury” sunglasses is here to stay as long as domestic travel is robust, he added.
The report citing a luxury brand consultant said high-end brands such as LV, Gucci and Hermes reached out to their Indian customers and invited them to browse the latest collections in local stores. Buyers are happy to have their favorite premium items delivered right to their doorstep and don’t have to worry about maintenance or repairs.
Gijanjali Saxena, CEO, Global Luxury, Tata Cliq Luxury told The Economic Times that shoppers are now increasingly buying luxury items online compared to in-person sales before – a trend that is growing. has spread over the past few months.
Luxury e-commerce has established itself in India as in other markets with increased digital adoption due to the Covid-19 pandemic.
And it is not just the subways where luxury e-commerce thrives, as consumers in Tier 2 cities such as Lucknow, Ludhiana, Chandigarh, Jaipur, Surat and Nagpur have become one of the biggest markets for the Tata’s premium e-commerce portal. The Group’s consumer-centric activity.
Saxena anticipates 60% of its business revenues in non-metropolitan markets.
A multi-brand watch retailer with numerous outlets said demand for brands such as Rolex, Breguet, Bvlgari and Omega has increased in recent weeks as the holiday season approaches. He added that cities like Hyderabad, Kochi, Bangalore and Mumbai are running out of luxury items as residents of neighboring towns flock to purchase such items. He said many retailers are worried about investing huge sums in importing more items because they are unsure whether the sales surge will hold up or run out of steam after Diwali.