Know the Ongoing Global Trends Shaping the Indian Luxury Market
Grow Your Business, Not Your Inbox
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Technavio’s analysts forecast the online home décor market in India to grow at a CAGR of 50.42% in revenue over the period 2014-2019.
Nitin Jain, Founder & Managing Director, INV Home shares with FranchiseIndia.com about the insights of the luxury market, the global trends that shape this market.
The Indispensable Attributes of Luxury Today
Jain says, “Luxury is all about product, design & service as you move up the ladder more precious you become. Therefore, we always consider superior product quality, exclusive designs and superior customer service as key attributes for luxury.”
He further adds, “In last few decades we also studied customer side of this and found that they consider few other parameters also for positioning a brand in luxury segment and those are manufacturer’s command on product, loyalty & continuity of brand, overall experience & professional demeanor.”
Rising Popularity of Customized Products
Customisation found its ground when the decorators and luxury market started molding things as per the taste and likes of the customers and now it has become the trend in this business.
Jain adds, “Customer these days are well travelled and exposed to global trends through an online medium, therefore their taste and preferences have taken a paradigm shift over last few years. This has given birth to a new set of customers who are creative and want to experiment with their product through custom designing as per their brief. Another key factor is more space driven wherein customers like the product but the same is not a perfect fitment as per urban homes and therefore they want to customize it.”
Qualities of a Franchisee
When it comes to franchising, every franchisor looks for specific qualities of a franchisee as per their requirements.
Jain says, “In our business franchising do work but the other party need to have decent understanding about industry along with faith in product and brand DNA because as mentioned luxury industry is all about experience selling and therefore unless and until our partner doesn’t inherit or learn those processes it will be bit tough for them to do justice with business and brand.”
Global Trends in Luxury Market
To help the people looking for guidance to grow in the luxury market and follow the global trends, according to Nitin Jain, here is a list of five global trends that are rocking the luxury market:
Global trends are majorly driven by different elements of the natural theme which include
- Organic and distress wood: Trends and fashion are quite cyclic in nature & therefore you can witness a distress looked dining tables with the dark wood console in chic and elegant interiors giving it that old-school charm.
- Rich colours for home textile: Grey may still be the neutral of choice for many interiors, but the colour is set to be bolder this year. We’re feeling braver with colour choices – on both walls and furniture pieces, as sofa colour choices of late have demonstrated. Moody interiors are more popular than ever, too, with brooding violet, navy and striking emerald green all key colours for 2018.
- Artisan patterns and textures: Texture is a big thing this season. Furniture has a natural handmade feel as mentioned with materials such a rattan and wicker the stars of the show. Textiles take a playful role with lots of embellishments, raw edges and appliqué details – all irresistible to the touch.
- Tropical greenery prints and patterns: It continued from last year, the tropical trend is still going strong. The trend has evolved for 2018 – it’s less about vibrant carnival bright and more about mixing plenty of lush, energising greens.
- Tribal goodness: Travel always influences interiors trends, with this spring season being no exception. This year tribal designs and patterns are more influenced by the beautiful colours and patterns seen in the cities and palaces of Rajasthan.
This article was originally published on Franchise India by Nibedita Mohanta.