Indian luxury buyers go for more value than lables and unique experience: Study

NEW DELHI: Indian luxury buyers seem to have evolved faster than their peers in China, Singapore, Korea, Indonesia and the Philippines as they tend to value free time, unique experiences and the story of a brand while making purchases and don’t recklessly pursue materialistic possessions.

A new study by VML Qais, a WPP Group company, has found that Asian consumers are “mindful of personal spiritual development as well as the happiness of the greater good.” Interestingly, 70% of the 4,000 Indian respondents said luxury had nothing to do with money, but the amount of free time one had, compared with 59% among the Chinese and 68% of the Koreans in the 18-35 age group who thought likewise. Among the older lot (36-55-year-olds with more money and decision-making power), 58% of the Indians valued time over money, compared with 49% of the Chinese.

The survey found that 80% of Indians in the 18-35 age bracket focused on the fine quality of luxury products rather than the price tag, compared with 78% and 63% in Indonesia and Singapore, respectively.

“While China has seen more luxury power brands in the last decade, it has been a more recent phenomenon in India. Indian consumers are seeking more value than labels,” said Tripti Lochan, chief executive of VML Qais.

This could be attributed to the fact that Indian consumers don't buy into the luxury segment like the Chinese, she said.