Author(s): Satish Chandra Ojha and Rajeev Kumar Gupta
The luxury market in emerging nations is experiencing a dramatic upheaval, affected by the middle class's growing purchasing power, the growth of digitization, and shifting customer expectations. This study investigates how luxury brands are altering their strategies to meet the changing expectations of customers in emerging markets. The study employs a data-centric methodology to examine consumer perceptions, brand loyalty, digital impact, and the elements influencing purchasing choices. The research involves a survey conducted with 180 participants, utilizing demographic and quantitative data analysis to uncover significant trends. The results indicate that although brand heritage and exclusivity are still significant, younger consumers in emerging markets are increasingly prioritizing personalized experiences, sustainability, and digital accessibility. High-end brands need to find the right equilibrium between being exclusive and accessible by employing tailored marketing approaches, enhancing their digital footprint, and committing to ethical branding practices. The research offers practical recommendations for luxury brands aiming to enhance their market presence in fast-changing economies.