INV Home shares with FranchiseIndia.com about the insights of the luxury market, the global trends that shape this market.
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