Synovate has released data from a global study on luxury brands. The study shows that two in three people across 11 markets treat themselves to luxury every now and then, but one third feel guilty about it. The study reveals that Indians go by the pull factor; have read about it and make informed decisions about luxury buying - more for its aspiration value, preferring items with logos.
It also states that 28% of people in India feel that 'Luxury is more about quality than it is about price’ and 74% of Indians say they do not feel guilty after a luxury purchase.
Mick Gordon, managing director of Synovate in India, said that a luxury purchase is a well-thought out purchase there. "Indians will only splurge if there is money in the bank and they have considered all their options. There is less dependence on plastic money than in other nations and therefore no reason to feel bad afterwards," he said.
According to the study, the markets that most prefer items with logos are all places where it is acceptable to flash purchases, and this is topped by India (79%) followed by Hong Kong (68%) and the UAE (58%).
Commenting on this result, Gordon said, "Indians with deep pockets and those who have attained a certain social status splurge on luxury items to make a statement – flaunting labels enhances the perceived 'value' of the individual among his peers and the society at large."
The study shows that 20% of Indian respondents say that they most enjoy the shopping experience (versus an average of 10%). 17% of the overall respondents are very decisive saying "As soon as I decide I want it, I buy it", led by 28% in India.
According to the study, pretending for a moment that money was no object, 24% of Indians would buy fine jewellery and 25% would by designer clothings as the items that would give them most pleasure to purchase.
In terms of ‘little luxury’, 19% Indians would buy perfume or after-shave and 14% would buy cosmetics.
The study also shows that 73% of Indians love to give the gift of luxury, partly due to the obvious value. 79% of Indians look at or read about luxury brands via pictures of celebrities in magazines or on TV.