Decoding the Indian Luxury Consumer : A Market Entry Strategy for Alexander McQueen

Abstract

The luxury industry encompasses high-end goods and services characterized by exceptional quality, prestige, and exclusivity, targeting
affluent consumers. Defined by Cambridge Dictionaries (2014) as "great comfort," luxury revolves around perceived value exceeding
tangible benefits (Mullock,). Key segments include apparel, jewellery, watches, automobiles, hospitality, and fine arts. Driven by the
allure of status symbols, the luxury market thrives on limited availability and distinct brand identities. Despite economic fluctuations, it
remains a robust sector, with the global market projected to grow at a CAGR of 5.4% from 2022 to 2030, reaching US$369.8 billion
(Dublin, 2014). Key markets include the US (US$53.1 billion in 2022), China (US$42.4 billion by 2030), Japan, Canada, and the AsiaPacific region.
This study delved into the factors influencing the purchasing behavior of Indian luxury consumers, including cultural values, social
status, brand perception, and shopping habits, examining the existing luxury market in India, analysing competitive advantages, and
market trends. Based on these insights, the research proposes a comprehensive market entry strategy for Alexander McQueen,
encompassing product adaptation, pricing strategies, marketing and communication strategies, and cultural sensitivity. The study will
contribute to a better understanding of the Indian luxury market in this dynamic and lucrative scenario.