A new report from Accenture reveals that 73% of Indian luxury shoppers switched their preferred brands over the last five years, a finding that signals a profound and accelerating shift in consumer behavior within the subcontinent's burgeoning high-end market.
Luxury houses, from haute horlogerie to fine jewelry, face an urgent need to re-evaluate traditional engagement strategies. Accenture's 'Luxe Eternal: The Customer Edit' research reveals a significant weakening of brand loyalty, challenging a sector built on heritage and long-term customer relationships. Retaining increasingly discerning, digitally native clients, less bound by legacy, has become a paramount strategic imperative.
What We Know So Far
- A comprehensive report from Accenture, titled 'Luxe Eternal: The Customer Edit', found that 73% of Indian luxury customers have switched their preferred brand within the past five years, according to reporting from The Economic Times.
- The same research indicates a growing skepticism among consumers, with 66% of Indian luxury customers stating a belief that the sector has become more profit-driven, as detailed by MediaBrief.
- On a global scale, the report projects a potential contraction in the active luxury customer base, estimating a decline from approximately 400 million people in 2022 to roughly 340 million by 2025.
