Contrary to the perception and predictions of gloom and doom for global economy, marketers are bullish on Asia and India in particular. They describe these as real exciting times, presenting a great business opportunity and hence are keen to open new stores across different cities this year. Sample this:
- Porsche Design has opened in New Delhi and already has chalked out plans to expand to other leading cities of the country. It tracks several luxury brands including Montblanc, Ferragamo and Prada; if eight of the 10 start in a particular city, it grasps the market is now ripe for it to make a foray.
- Louis Vuitton has recorded double-digit growth in 2011, albeit from a small base. It has been a star performer not just in India but globally,” states the chief representative (Asia) for LVMH (Moët Hennessy-Louis Vuitton), Tikka Shatrujit Singh, also an advisor to the Louis Vuitton chairman.
- Harley-Davidson has buyers from the North-east as well as Kanpur, Allahabad and other cow belt towns. Shreyans Group that retails Ferrari and Porsche claims to have sold 10 Porsches at least in Kanpur until now thanks to a discerning and affluent class there who appreciate luxury something that only the rich in top metros were known for in the past.
- Car marques such as Porsche, Maserati and Ferrari are witnessing an impressive upsurge in demand. If the former got around 20 orders for the last six months in 2011, Porsche delivered more than 310 cars – all are customized to the buyers’ demands – in 2011, more than twice the number in the previous year.
What is really driving this trend? One reason is that a Badge consciousness perhaps reigns high. There can be few better ways of flaunting your success or new-found status than by flinging out your captivating Canali wallet during an office meeting or click-clicking in your jazzy Jimmy Choos. This tendency is clearly going to have a positive impact on gifting industry as well, which is a much welcome development in today’s apparently tough times.