Navneet Kalra, owner of luxury eyewear retail chain Dayal Opticals, shares his insights on the consumer behaviour with respect to luxury retail during festivities.
The onset of festive season fills the air with a cheerful vibe. To say that the festive season is synonymous with shopping season would not be an understatement. As the biggest festival of the year Diwali inches closer, the impact of festive fever can clearly be seen in the markets, especially when it comes to luxury retail.
We talked to Navneet Kalra, owner of luxury eyewear retail chain Dayal Opticals, to ask for his insights on the change in consumer behaviour and the state of luxury retail market during this festive season. Festivities call for splurge and gifting, which ultimately gets translated into increased demand for luxury items. According to Navneet Kalra, this year is no different either.
“Last year, the market was suffering because of the pandemic situation. But this year is definitely different. There has been a growth in domestic travel, so the demand for luxury eyewear has grown sharply. Luxury sunglasses also make great presents, so a large number of consumers is adding them to their festive shopping bags as well,” he said.
According to Navneet Kalra, the sales at Dayal Opticals outlets have bounced back to the pre-Covid levels. He also pointed out that while connoisseurs are taking great interest in shopping for luxury brands like Cartier, Gucci, Balmain, Akoni, Matsuda and Tom Ford, many are choosing to upgrade to a more upmarket label to the ones they already own.
So, is the boost in luxury eyewear sales just a result of festive rush, or does it mark the onset of a sustained growth? According to Navneet Kalra, the demand for luxury in India is here to stay. “With increasing incomes, people are paying more attention towards their lifestyle. This includes upscaling everything – from the phone they use to the clothes and accessories they wear,” said Navneet Kalra.
He continued, “The pandemic situation has also subsided now that vaccines are in place. So as long as domestic travel stays strong, the demand for super luxury sunglass brands will continue to soar. There is no doubt that the festive gifting has contributed a lot to our recent sales, but I am certain that consumers will continue to make luxury purchases even after the festive rush is over.”