Retailing is the most happening business in India, with huge potential for generating revenues and contributing to the nation's economy. This article examines the numerous brands available in the luxury category in India and the market segments for these products. Various international luxury brands have entered India to tap the local market. Several conducive factors have facilitated the growth of luxury brands in India during the recent past, which would continue to drive further growth in the years to come.

Premium has become a part and parcel of everyday life. Because of the high growth rate of the Indian economy, Indian consumers have a good amount of money to spend on luxury items. Now, if marketers want to tap this potential, they need to think innovatively and look for ways to promote luxury brands. Luxury - the word alone invokes powerful imagery and immensely special feelings. For example, spending time in an exclusive restaurant or the possession of luxury or stylish brands are the sort of things that carry a feel-good factor. Luxury is what brings dreams and aspirations to reality.

The Indian market is experiencing more rapid changes than ever before. It is the marketer's job to recognize these changes and to adapt to them quickly and efficiently. The smart marketer has to also anticipate the nature of change and be ready to meet the emerging consumer demand. The changing nature of consumer needs and expectations, particularly in the area of luxury products, is indeed most fascinating and intriguing. Earlier, luxury was associated with products of high monetary value, affordable only by the very rich. Now, the concept of luxury has become more egalitarian and `luxury' products are affordable by a wider section of people. The term `affordable luxury', though an oxymoron, has become quite common. The `luxury goods' of today are primarily focused towards creating a special feeling or enhancing the consumer's self image. In the current context, a luxury product is to be viewed as one that facilitates individual expression and also provides a self-esteem benefit, thereby meeting larger personal aspirations. In today's scenario, a luxury product is not necessarily a very expensive and unaffordable one.

A luxury brand can, in broad terms, be defined as one which is positioned to serve as a style statement. It is normally priced higher than other equivalents, so as to target a comparatively higher socioeconomic class of people. Luxury brands are aimed towards selected market segments. Where the brands are very exclusive or expensive, they may serve only a niche market. The product design, pricing, promotion and distribution strategies of these brands are different from those of other mass market or general brands.

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