At the 'Business Standard' summit, experts delved into the intricate relationship between luxury and India's economy, with Pushpa Bector, from DLF Retail, noting that luxury acts as a catalyst for economic growth by instilling confidence in consumer evolution and showcasing a nation's readiness to embrace high-end products and experiences. Kapil Chopra, former president of The Oberoi, emphasized that as India's economy advances, there is a growing trend of people aspiring for superior quality experiences in various sectors like clothing, hospitality, and technology, presenting an opportunity for India to showcase its strength in luxury hospitality.
Abheek Singhi, from Boston Consulting Group, discussed how India's economic development will be a blend of sectors including agriculture, services, and manufacturing, with luxury playing a contributory role in growth rather than being the sole driver. Bringing luxury brands to India is seen as a way to potentially boost employment and manufacturing sectors. Alexis De Ducla, director at Mathieu Lustrerie, highlighted India's rich heritage of art, culture, and craftsmanship, indicating that recent investments and policy developments have increased customer satisfaction and shifted consumer behavior towards appreciating quality and experiences beyond brand names, signaling the evolving luxury market in India.
Nikhil Sethi, partner at KPMG, focused on luxury brands' shift towards environmental sustainability driven by consumer demand. Sethi explained that luxury brands prioritizing sustainability can not only contribute to a more environmentally friendly future but also command higher prices for their ethical practices. Overall, the panelists agreed that luxury in the future will redefine India's development by symbolizing economic prosperity, sustainability, craftsmanship, and a distinct Indian identity that resonates internationally, reflecting a holistic approach towards luxury.