India's luxury retailers eye festive demand to boost sales
India's luxury brands are eager to seize a share of the market, given the significant increase in demand. The sector foresees sales doubling during Diwali, driven by the festive footfalls.
With Diwali just around the corner, India's luxury retailers anticipate the festive spirit to extend into the festival of lights. Whether it's luxury brands, automobiles, or real estate, there has been a notable surge in demand over the past three months.
In the automotive sector, Mercedes Benz has witnessed a 15% increase in sales from August to November, even amid supply disruptions. The luxury car manufacturer is optimistic about this momentum carrying into Diwali, driven by its new product lineup and favourable customer sentiment.
Santosh Iyer, the Managing Director and CEO of Mercedes-Benz India, anticipates double-digit sales growth during this festive season.
"This year the festive period has been there for the last four months and Diwali will be no exception. We expect a double digit growth in terms of order intake compared to last year's festive sales," stated Iyer in an interview with CNBC-TV18.
The festive atmosphere has also illuminated India's luxury real estate sector. Real estate consultancy firm CBRE expects this festive season to witness the highest sales in three years.
Abhinav Joshi, the Research Head of India at CBRE, revealed that luxury residential sales have grown by 100% in the past nine months. This surge in luxury housing sales is attributed to the desire for quality homes, infrastructure, and neighbourhoods.
Likewise, India's luxury brands are eager to seize a share of the market, given the significant increase in demand. The sector foresees sales doubling during Diwali, driven by the festive footfalls.
Pushpa Bector, Senior Executive Director of DLF Retail, emphasised that luxury retail has remained strong for the past year, and brands are anticipating a 30-35% increase in sales compared to the previous quarter.
Watch the accompanying video for the entire discussion.
(Edited by : Sangam Singh)
First Published: Nov 8, 2023 10:25 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Lok Sabha polls: EC disposes off 90% complaints related to MCC violations
May 14, 2024 4:45 PM
Jharkhand Lok Sabha elections 2024: All about INDIA bloc candidates
May 14, 2024 2:52 PM
SAD's Harsimrat Kaur declares assets worth ₹135 crore
May 14, 2024 1:18 PM
PM Modi files nomination for 3rd term from Varanasi Lok Sabha seat
May 14, 2024 10:15 AM