India is experiencing a huge shift in the retail market. With growing spending power of the younger generation, there is an intense rise in popularity for luxury brands in India. This has resulted in the competition in this niche market to become more intense.
The luxury brand industry worldwide is in need of people with the right training and talent when it comes to management. There are excellent management programs and courses that are turning budding professionals into excellent luxury brand executives and managers. In India, there is need of more than millions of skilled professionals for luxury sector.
India is set to become one of the most popular high-end markets for luxury consumer goods. According to a report by the Euro Monitor International, India is soon to overtake China as the world's leading luxury good consumer, with an expected growth of an astonishing 86%, in terms of constant value, in the next couple of years.
There are several factors that are boosting the luxury consumer market in the county. Indian culture has an obsession with personal adornments. Hence there has been an intense increase in sales of opulent jewelry, luxury timepieces, designer clothing and other high-end personal accessories.
A comprehensive research study conducted by the firm of McKinsey showed that India is ready to offset China as the leading luxury consumer market. As the latter's economy is slowing, the HNI and IJHNI population is growing steadily in India. The report estimates that by 2020 the wealth of HNls in India will increase by 94%, as compared to China's 74%.
The resulting increase of luxury brands in the country will also mean the increase in the employment opportunities for appropriately trained management professionals.
India offers a varied choice when it comes to higher education, especially in business management. With the expected boost in the country's luxury retail segment, an intensive increase in the need for professionals trained in the management of luxury brands is also expected. Conventionally, larger luxury brands require managers to use bespoke strategies which can help to attract the consumer base. This is usually done with the help of product mix offers and exclusive deals.
On the other hand, smaller luxury brands seek management professionals who can provide the right access to new categories and to help increase their reach to increasing numbers of potential customers.
The growing luxury brand industry in the country is already in need of professionals who are capable of efficient customer interaction. Those with a natural talent for networking, especially amongst high-ranking corporate clients, are set to see lucrative opportunities in this niche, yet rich, sector.
Luxury Connect Business School, the leading business management training provider, is the India 1 st and only Luxury B- School that offers comprehensive management programs in the county for those seeking entry into the highly lucrative Indian and international luxury goods market. It offers Internationally Vetted and Accredited Masters course and has well-experienced professors from across the globe. These courses are designed to open doors of immense opportunities for the students.