Sale season is on strong for suits in the luxury segment this quarter! Tier I affluent and Tier II ‘aspirational’ buyers are starting to travel abroad to buy their suits, and Indian suit-makers are using attention-grabbing sales to woo them back. And what a sale! Prices on luxury suits have fallen 30 percent.
Has it worked? Well, yes, for the Tier II buyers who aspire to wear a suit to the office everyday.
Over the last quarter, they increased their purchases of luxury suits by 30 percent. After all, they’ll need a suit for their next promotion.
Already affluent Tier I buyers haven’t been as convinced. Those buyers have kept their loyalty abroad, and aren’t as swayed by sales anyway. Plus, they’ve already got a closet full of suits. Their buying increased just 10 percent. For the well-heeled, Indian suit-makers will have to think up another trick. Research by Elizabeth Flock
(This story appears in the 25 September, 2009 issue of Forbes India. You can buy our tablet version from Magzter.com. To visit our Archives, click here.)