Although India has started to experience a degree of relaxation in terms of mobility in 2021 as the situation surrounding COVID-19 has largely stabilised in the country following the second wave, global travel continues to struggle. This is because consumers remain reluctant to travel overseas for leisure purposes due to sudden changes in the COVID-19 situation, including the introduction of new and confusing restrictions and mandatory testing, depending on the destination.
India’s wedding season in 2021 has gained momentum in line with a more stable situation in the country during the second half of the year, enabling the easing of restrictions. Consumers are also organising more extravagant events, similar to pre-pandemic times due to pent-up demand, and the desire to celebrate with family and friends after prolonged home confinement.
Tier-II and tier-III cities have always comprised a segment of population that is affluent and aspires to own luxury products or enjoy experiential luxury. Due to lack of access to associated brands in previous years, this affluent population would visit urban areas where luxury branded stores were located.
Since experiential luxury involves offering services such as hotels or foodservice to consumers, its recovery is strongly correlated to how India’s vaccination programme progresses heading into the forecast period. As per statistics, only 38% of people in India had been fully vaccinated by mid-December 2021, while nearly 60% had received at least one dose.
Experiential luxury, which includes luxury hotels, are amongst those business segments that require significant capital expenditure to get started and high operational expenses to maintain these facilities. With this in mind, cash preservation and developing operational efficiencies are more important than ever before.
India remains amongst the leading countries globally with a young population. As per 2021 data from Euromonitor International’s Economies and Consumers from Passport, 60% of the Indian population falls below the age bracket of 34 years.
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Understand the latest market trends and future growth opportunities for the Experiential Luxury industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Experiential Luxury industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Experiential Luxury
This is an aggregation of Luxury Hotels and Luxury Foodservice.
This report originates from Passport, our Experiential Luxury research and analysis database.
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