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Thursday, May 26, 2011

Local Preferences Continue to Dictate The Pattern of Luxury


Local preferences continue to dictate the pattern of luxury consumption in both China and India. Some 26% of Chinese luxury consumption is in the ready to wear category, while 9% is in jewellery. By contrast, 30% of India's luxury consumption is in jewellery buying trend continues, and with the Indian luxury market expected to touch $30 billion by 2015, jewellery's share of the pie wiill be $9 billion.

Likewise, localtastes and local sensibilities do play an important role. For instance, in China, half of all jewellery sales are driven by weddings, 15% is driven by festivals, and then family occasions, gifts and impluse purchases account for the rest. In India, too, the scenario is the same as far as bridal sales are concerned. Over 50% of jewellery sales are wedding related. The other major drivers are festivals, including the "new found" ones like Akshaya Tritiya and Pushyanakshatra, which have all of a sudden become big events and see a tremendous amount of gold consumption.

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