I came across an interesting survey published in the Luxury Society about the quantum of luxury handbag searches per country or the affinity index. Turns out, that UK tops this list, followed by the US. The numbers indicate the searches for luxury handbags per 1000 Internet users.
As can be seen, compared to other countries, the luxury handbag awareness in India is still in its nascent stage. Given the growing population in the earning bracket especially women, greater internet penetration, well-informed consumers and the swelling millionaires (according to a Credit Suisse report, millionaires in India will increase by 53% by 2017), the potential in this segment is explosive. The mushrooming malls, including in Tier 2 and 3 cities, and the influx of high-end fashion magazines such as Vogue, have brought hitherto out-of-reach brands closer to the masses. Policy norms for FDI in single and multi-brand retail are also easing, thanks to the Indian Government’s efforts to woo foreign retailers. This would encourage a number of International bag designers to set shop here.
Not all is hunky-dory however – each of the BRIC countries/emerging economies has its own set of stumbling blocks to overcome. But the outlook is promising, much to the glee of us handbag lovers!
P.S.: The stunning featured image of this post is from the Hermes India 2008 Ad Campaign shot by ace photographer Theirry Le Goues.
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