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  • Luxurion World 2009
    

INTERNET USAGE STATISTICS

The Internet Big Picture
World Internet Users and Population Stats

India News and Media

Today’s brand conscious Indian is driving a Porsche Cayenne SUV, his Ermenegildo Zegna suit is made from superfine Italian wool, his wrist is adorned with a Patek Philippe Men’s Chronograph, his shades are Tag Heuer Visions, his crocodile leather shoes are Hugo Boss.
The Indian is growing day by day as people are spending money on luxury items. A couple of years ago – weeks in the case of the Porsche-he bought every single item abroad, spending hard earned foreign exchange ,lining up at the vat refund counters at airports. But not any more, the world’s most prestigious luxury brands are expanding their footprint in India, almost as if discovering a new world. Moreover, it is not just the luxury brands, there are also luxury plus for those who have the cash to splash on products with the cachet of exclusivity.

Luxury Market Statistics

The dazzling array of luxury goods available today is clearly catering to the growing number of Indians who are enjoying unprecedented level of affluence. Statistics show that in 2001-2002 there were 20,000 families in India with annual income of more than Rs 1 crore .By 2005 ,that number has increased to 53,000 families and by 2010 ,India will have an astounding 1,40,000 millionaires.
It is not just the big Indian cities like Delhi, Mumbai and Bangalore where the rich are located. A small town like Nagpur had nine millionaires in 1995-1996. By 2001, that figure increased to 425, with a growth rate of 91 percent. A high end luxury brand like Ermenegildo Zegna, whose customers include Bill Clinton, Pierce Brosnan, Shah Rukh Khan and Al Pacino, recently made a presentation in Ludhiana and Jalandhar.

Growing Affluent Population

In terms of population percentage, it may see minuscule. The seriously rich and affluent represent just 1 per cent of the entire population, but with a base of one billion people, it still adds upto 10 million high end customers, a substantial number in any market.
They are what is being termed Global Indians, the ones who are traveling abroad at the drop of a barbour hat. They are acquisitive, brand conscious and, above all they want the best and they want it now. If they can buy in their city so much better. These brands include some of the world’s most celebrated: Fendi and Louis Vuitton, Canali and Bvulgari, Cartier and Hugo Boss, Dolce & Gabanna and every Swiss luxury watchmaker. Last year, Jaeger Le Coultre launched its grand Reverso watch priced at Rs 20.8 lakh.
Unlike a few years ago, when Indian consumers had to do their shopping in London, Paris and New York, the world’s most luxury merchants are realizing that they cannot ignore the Indian market. But if you compare to the western market India is still a niche market for luxury products, but it is one that is growing fast and producing aspiration life styles where, unlike the earlier decades of socialist populism, display of wealth and luxury are no longer a dirty word.
In today’s deluxe India, the children of your domestic staff are wearing Levi’s and lee. For the brand conscious and trendy, it has to be Swarovski encrusted seven of all mankind jeans, specially made for the Indian market. In fact, if you have got the cash, there is no limit to the splash.
What has facilitated the entry of these brands is the lowering of duties in some cases and easier regulation for automobiles, inspiring luxury automakers to launch their vehicle in India or expand their existing range.

Milton Pedraza

Milton Pedraza is CEO of Luxury Institute, a research firm that focuses on wealthy individuals

Executives at luxury goods and services firms, please take note: In little more than a decade, the Internet has become the channel of choice for high-net-worth consumers. So why is this still a topic of debate around the boardroom table?

In our latest best practices research, we focused specifically on how economic elite’s use the Internet and e-mail and on how they do business with the luxury companies that serve them.

For most wealthy consumers, the Internet is the first choice in dealing with providers of luxury goods and services, beating out other channels, such as the telephone, face-to-face visits, and mail. In fact, 37% of wealthy consumers prefer buying luxury services on the Internet, compared with 30% who would rather do so in person and 21% who prefer the phone. Even with luxury goods, where you would think customers would have a strong bias for going into a store to see and touch the products, 38% prefer online purchases compared with 33% who favor face-to-face transactions and 19% who like buying over the phone.

Research: the killer app
Wealthy consumers especially appreciate being able to research companies and offerings online. A resounding 88% of wealthy consumers cite a preference for using the Internet and e-mail to research luxury-services firms, and 85% prefer these channels for learning more about a particular service. In luxury goods, nearly 80% of the consumers surveyed turn first to the Internet or e-mail to learn about companies and the products they sell.
A resounding 93% of individuals worth $10 million or more tell the Luxury Institute that they have purchased a luxury product over the Internet in the past 12 months, compared with just 55% percent of all wealthy consumers surveyed who bought luxury goods online. Nearly three-fourths of the wealthiest made online purchases of luxury services, while only half of the overall high net worth group did the same. Between the sexes, men are slightly more likely to go online to research companies and offerings.

Deepening customer relationships
The economics of the Internet make it a natural channel for firms to upsell and cross-sell customers. More than half of the wealthy prefer using the Internet and e-mail to contact a services firm about new and existing services, while only two in five prefer the telephone. Similarly, 53% prefer contacting goods providers online about new products, vs. 38% who prefer the telephone. Indeed, this presents a rather compelling case for companies to make their Websites as information-rich and as user-friendly as possible.
The Web and e-mail are also the best ways for luxury firms to reach out to the wealthy and present offers for goods or services; telephone solicitations, unsurprisingly, are the least popular. Nearly three-fourths of luxury consumers want offers from goods and services providers with whom they already have a relationship to arrive via e-mail. The propensity of the wealthy to welcome unsolicited e-mail from firms with whom they have no existing relationship, however, drops to 56%, and fewer than 40% prefer to receive such offers through physical mail. Only 6% welcome a telephone pitch from any source.

Critical caveats
Despite its tremendous popularity as a conduit for communication and commerce with the wealthy, the Internet is not always the best channel for all occasions—or for all people.
For instance, when there is a problem, wealthy consumers are more inclined to pick up the phone or to pay a personal visit than to try to resolve the situation online. When seeking to resolve major problems with luxury goods or services firms, more than two-thirds prefer a face-to-face meeting, and about 15% prefer the telephone; just 9% attempt to tackle major problems via e-mail. For filing complaints, the phone also prevails as the preferred channel for a majority of wealthy consumers—fewer than a third do so online. The apparent convenience of the Internet cannot beat the immediacy and accountability of speaking to a company representative directly on the phone. For resolving small issues, however, the telephone is only slightly more popular than e-mail.

Ubiquity of the Internet
The Internet is a powerful channel for building a brand and doing business, and obviously at this stage of its adoption it is also an essential channel for dealing with the wealthy consumer.
For luxury firms, the need to continuously burnish their brands by beefing up the functionality and usability of their Web presence is critical. Many luxury goods and services firms are very, very late to the Internet party. At the same time, they cannot lose focus of the importance of maintaining the integrity of their other channels, such as the telephone. It would unfortunately appear that this has been lost on many mainstream firms that have pursued short-sighted cost savings by outsourcing to contact centers and adopting decidedly user-unfriendly automated systems that serve more to frustrate customers than to foster long-term business relationships.
Are luxury goods and services executives listening to the voice of the customer this time? Historically, luxury is the most innovative industry, and then the luxury innovation trickles down to the mainstream market (think indoor bathrooms). It would be optimal next time a revolutionary invention such as the Internet comes about to see luxury executives once again lead, not lag, the mainstream market.

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