How India's Luxury Market is Booming?
With growing Indian economy – India’s luxury market is also booming and heritage luxury brands are now knocking Indian market doors. The forefront of this luxury wave is Indian working women with ever expanding income base and asserting their financial independence and indulging in various premium luxury experiences.
- The Rise of the Aspirational Indian Working Woman
As more and more women enter workforce with higher salary packages then previous averages, they are splurging on designer accessories like CUIR MAVEN’s covetable Totes, Satchels, Slings and pouches.
“Indian women today are more ambitious and aspirational”, Says CUIR MAVEN founder Nupur Bakshi. They have worked hard for their careers, financial freedom and equal place in corporate world, so they feel they deserve to treat themselves to the finer things in life as reward for their handwork
- Key Data Points
India’s market GDP is expected to grow fastest in the coming years and it is predicted to touch 12 trillion by 2030-32. Whereas luxury market is expected to grow to $85-90 billion by 2030, a 3.5x increase from today, according to Bain & Company. Unlike consumer discretionary products that are severely impacted by inflation, luxury segment has remained relatively insulated.
Fuelling this growth is increasing contribution of working women in the overall expenditure cycle that contributes to GDP expansion. Specifically fresh graduates from Tier 2 and 3 cities and mostly from southern region belt and western region belt. In 2023, women made up 38% of new hires from these colleges, up 116% from 19% in 2022. Top job roles included operations, HR and software development.
- Homegrown heritage combined with modern luxury
With Increasing disposable income, women’s spending priorities have evolved and rather than just basic accessories they earn for luxury leather goods that are both functional and modern. CUIR MAVEN handbags, crafted in India using traditional techniques, represent this modern luxury and trendy designs.
There life time warranty guarantees their buyers to have full faith in the quality and sturdiness of the handbag, which in turn increases the trust of the consumers.
With rising increasing in income and ambition, India’s luxury market will be dominated and shaped by spending culture of working women.
- Conclusion
In the rapidly changing dynamics of Indian luxury market where people from Tier 2 and 3 cities are locking for extraordinary and word class products. Brands that can tap into the mindset of the ambitious career woman will be positioned for tremendous growth.
CUIR MAVEN, founded by Nupur Bakshi, is a brand that genuinely understands the struggle and aspirations of today’s young professional working women.
As a female entrepreneur herself, Nupur understands the challenges and effort to choose her own path to pursue her passion on designs and fashion. This first-hand experience allows CUIR MAVEN to genuinely connect with its customers through its luxurious yet functional leather goods that celebrate the modern Indian woman's blend of style, cultural pride and hard-earned success.
For luxury brands looking to capture a loyal following, having a woman founder who has lived the journey can provide an authentic voice and vision that truly resonates
As India’s Luxury brand market continue to thrive, CUIR MAVEN has positioned itself to be the first choice for consumers who intent to buy a pure piece of luxury, made by India for India.
