Why Is It So Popular to Buy Luxury Goods in Europe?

By | January 23, 2021

Luxury Goods Capital of India is the second most populated city of India. This is the gateway for the southern part of the country which is also known as Bangalore. This city has emerged as one of the most affluent cities of India as the major economic growth engine is found in this city. This city boasts of a lot of attractions and it is considered to be an important tourism and business centre of the country. The city has been ranked as the second most progressive, wealthy and fastest growing city in the whole country.

luxury goods capital

There has been rapid economic progress in the state of affairs which is also reflected in the luxury goods capital of India, Bangalore. The U.K. economy has also been enjoying the benefits of the rapid development and now the state of affairs is starting to spread beyond Bangalore and other districts of Karnataka. Bangalore is now home to some of the best malls and shopping complexes in the country where buyers looking for luxury brands can easily buy and sell. These malls are located not only in the heartrendingly beautiful Bangalore but also in other major townships including Mysore, Mouli, Kuttanad, and Kollam.

Bangalore also houses some of the most famous luxury brands, which are popular with global shoppers. As per a recent survey, luxury goods accounts for more than forty percent of the entire Indian market. Most of the big brands including Godrej Group, Unitech, Westinghouse, Tiger Woods, John, Radisson, Hilton, Mango, Diwali, and Valentino all have their manufacturing units based in Bangalore. These brands not only provide comfort to consumers but also add to the overall well being of the Indian economy. Most of the luxury brands dealing with luxury goods are imported from oversees. Consumers visiting India can enjoy the variety of products available in the luxury market.

However, the luxury goods market is not without its competitor’s as there are many local players who aim at providing products within the same price range as the established luxury brands. A shopper should therefore take immense care while making investments. A good way to ensure that you make the right investment is to check out all options available to you and base your choice on the quality of the product rather than on the brand value. The luxury market in India is still growing at an unprecedented rate and is predicted to grow further.

Bangalore is the second most affluent city in the entire country after Mumbai. It is home to many reputed luxury brands including Godrej Group, Unitech, Tiger Woods, Radisson, Hilton, Mango, Diwali, KFC, Kovy, Godrej, DVL, omasal, Emporio Armani, Jai Mahal, and countless others. The diamond industry has its headquarters in Bangalore also. As compared to Mumbai which is home to the three major luxury brands, Bangalore has a much smaller number of posh stores catering to the elite segment of customers.

Bangalore continues to be the manufacturing hub for the global economy. The BPO sector is extremely vital to the economic development of India as it is one of the most important sources of jobs and wealth creation for millions of people across the country. Most of the Indian population lives in Bangalore, thus the city serves as a lifestyle and job hub for the locals and tourists alike. The demand for luxury goods has significantly increased since Bangalore became one of the major centers for luxury goods in India. With the increase in disposable income levels, the affluent segment of the Indian society continues to expand.

Luxury goods companies in India are aggressively expanding their operations in China due to the huge demand for their products in the Chinese markets. While India is yet to open up its market to foreign retailers, China is increasingly liberalizing its customs regime and has opened up its doors to foreign trade. This has led to the influx of high-quality goods into China from all across the world, thereby driving the demand for luxury goods in India and across Asia to grow tremendously. As the demand for luxury goods like furniture, automobiles, electronics, and clothing grows exponentially in India, the Chinese manufacturers will also see a large potential market for their products in India.

Another factor that has played a crucial role in the increasing popularity of Europe as a hub for luxury goods is the weakening of the euro. The euro has lost ground against many other currencies in recent years and this has led to a sharp increase in the cost of almost any imported item. A stronger euro has made it cheaper to import things like cars from China to Europe and vice versa. This has made the euro one of the more attractive prospects for companies in Europe as compared to the emerging markets like in China. A strong euro has made purchasing power in the euro zone far greater than it would otherwise be and this has made it a very attractive proposition for European businesses. China is another big force playing a major role in the growth of the euro as a result of globalization and the coming of the global economy.