Underlining how the gesture of a ubiquitous gift has transformed into a dazzling and dynamic trend, a news report by Ravi Teja Sharma of The ET Bureau brings out some interesting facts as follows:
- Ten years ago, for someone to gift a luxury product would require him to travel abroad. Today, disposable incomes have risen and aspirations are high. The entry of several international brands makes it easier for the high-spender.
- The airport stores of luxury firm Swarovski, for instance, are doing brisk business. “Our stores at airports in Delhi, Mumbai and Hyderabad are growing at 20% a year as this is the best place to pick up such gifts,” says Sukanya Dutta Roy, director, consumer goods business at Swarovski India.
- The really high-value gifts are coming from industrialists, celebs, politicians and diplomats who are spending on gifting ultra-luxury cars and watches worth 5 lakh and even homes.
- About 10-15% of business for luxury firm Shreyans, that sells Ferrari, Maserati, Porsche and Ducati in India, comes from gifting, says Ashish Chordia, chairman of Shreyans.
- As part of personal gifting men are picking up iconic Alexander McQueen clutches that cost over a lakh rupees for their wives, girlfriends and others.
- Women are gifting 50,000 cufflinks to their men. Fathers-in-law are gifting entire wardrobe makeovers for their son-in-laws.
- Businessmen are buying expensive watches and pens to please the wily policy-makers.”We recently had a businessman gift two luxury apartments costing 5 crore and above to his daughters,” revealed the president (marketing) at Gurgaon-based M3M Group, Kunal Banerji.
- Most luxury goods sale happens during the festival season or on occasions such as the Valentine’s Day, as this is the time when people find a reason to splurge for someone he loves or wants to reward. According to executive director of Blues Clothing Company (representing brands such as Versace, Corneliani, Cadini and John Smedley in India) Abhay Gupta, there isn’t a doubt at all sales shoot up during the October-December period, which is the festival and wedding season.
Industry puts the share of the festival revenues to overall revenues of luxury good sales in India to as much as 70%.