Innovation For Evolving Ultra-luxury Consumer Needs
As India positions itself as a global economic powerhouse, it can also be defined as an aspirational country. The desire to elevate and evolve is evident with the growing need to own luxury brands, products and a lifestyle that defines one’s position in society. Further, the ultra-luxury consumer on top of the pyramid is not just affluent but well-traveled, seeking products and experiences that align with their social standing and a move towards a complete lifestyle shift. In the context of India, a burgeoning aspirational economy, ultra-high-net-worth individuals (UHNIs) and high-net-worth individuals (HNIs) play a role in setting trends and expectations. Thus, becoming integral to shaping the desires and lifestyle choices of the broader consumer base.
What the Luxury Consumer seek and what his Behaviour signals
The ultra-luxury consumer desires innovative experiences and because he is well travelled and exposed to the best the world has to offer, their aspirational experiences are driven by a desire to own branded luxury accessories like watches, jewellery, handbags, and high-end luxury clothing to larger investments like cars, real estate, and fine dining experiences. Beyond possessions, they value a community of like-minded individuals who appreciate the finer things in life. Belonging to such a circle, spending quality time with those who share similar views, and prioritising comfort, safety, and sophistication that define their quest for an enriched life.
Brands that Influence and Innovative Marketing that draws
Brands have a strong potential to influence consumer behaviour. These evolving needs can be met by brands who invest in innovating their products and offerings. Creating a strong and differentiated brand with strategic and innovative communication can have an impactful influence on customer preferences.
Brands today are developing innovative customer journeys and immersive experiences that take the customer through how a product is conceptualised and designed. Thus, making him involved and engaged in the product lifecycle.
Innovation in Product Development
When it comes to real estate, be it commercial offices, homes, affluent buyers seek high-end luxury projects and A+ grade offices, that offer modern amenities and exquisite designs. The shift and demand are moving in the direction of a contemporary and sophisticated lifestyle that can provide a luxurious living experience. It incorporates a comprehensive approach to a complete lifestyle shift – be it in terms of fitness, hospitality services, safety and the desire to live in an exclusive like-minded community.
The foresight to conceptualise real estate projects like these requires a commitment to innovation, constantly seeking the new. The emphasis on high-end club amenities and a focus on a healthy lifestyle align with the evolving preferences of the ultra-luxury consumer.
Luxury is not confined solely to certain geographies. There are emerging micro markets, where residents find comfort in their living spaces. Recognising the potential to reshape not just locations but lifestyles is a strategy that takes a transformative approach. Integrated developments in emerging micro markets have now started to include a mix of residential, commercial, retail and even schools, known as Mixed Use Developments. The acceptance and adoption of these developments help these micromarkets transform into destinations. This innovative step not only changed the landscape but has also offered High Net Worth Individuals (HNIs) and ultra-HNIs the opportunity to experience refined living in their preferred locales.
In my experience, brands are sharpening the peak of luxury to reassure the wealthiest who now want something more extreme that can express their status.
(Sarina Menezes is the Head and Vice President of Brand Marketing & Corporate Communication at Oberoi Realty)
