Consumer behaviour in India has dramatically changed since the emergence of the pandemic, due to the limited number of occasions to showcase luxury brands as a result of restricted mobility. On the other hand, greater attention is being paid to categories that are conducive to home seclusion such as lounge wear, athleisure and hometainment.
Brands of luxury portable consumer electronics are traditionally heavily dependent on physical stores for sales, not just for the product but also the experience associated with shopping in upmarket specialist retailers and the personal attention on offer. However, as already witnessed in 2020, non-essential store closures during the first half of 2021 continued to impact luxury retailers.
Luxury portable consumer electronics is predicted to see a particularly strong element of revenge buying from 2022 onwards, depending on the threat level of the virus, enabling the category to record a strong and swift recovery to pre-pandemic volume sales levels by 2023. Discounting will ensure that value sales (at constant 2021 prices) lag behind, recovering a year later.
Wearable luxury, a trend heavily influenced by apparel and accessories, is also having an impact on luxury portable consumer electronics, with consumers also searching for luxury brands that offer fitness and connectivity features. This, along with the healthy living trend, is driving up demand for smartwatches, which constitutes a larger threat to traditional timepieces due to connected functionality as offered by various luxury wearables, and supporting the stronger growth potential of the latter over the forecast period.
The key target audience for luxury portable consumer electronics, affluent as well as younger aspirational generations, is likely to drive the strong recovery predicted for the category over the forecast period. According to income and wealth distribution models, the number of Indian adults in the top tier (over USD200,000) will grow by over 70% between 2020 and 2025.
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Understand the latest market trends and future growth opportunities for the Luxury Portable Consumer Electronics industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Luxury portable consumer electronics include luxury mobile phones, luxury MP3 players and luxury wearables.See All of Our Definitions
This report originates from Passport, our Luxury Portable Consumer Electronics research and analysis database.
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