Exploring Luxury Management and Event Management in PGDM

Based on a recent survey, India has emerged as one of the fastest-growing markets for luxury goods worldwide. The continuous surge in demand for luxury items is poised to overtake China, making India the top global luxury market.The statistics also indicate remarkable 86 percent growth in the event management sector in the past few years.

PGDM in luxury and event management offers a comprehensive understanding of management practices critical to each field. A PGDM in luxury management allows students to understand the concepts of luxury consumer behaviour, the economics of the luxury sector, and strategies for managing luxury perception. On the other hand, a PGDM in event management is a dynamic field, helping students plan and coordinate various events, from weddings and corporate meetings to concerts and exhibitions. Today, in this blog, we shall explore these unique fields of study in detail:

Luxury vs. Event Management: Industry Focus

The PGDM in luxury management primarily focuses on the luxury industry, which includes high-end products and services such as fashion, jewellery, automobiles, hospitality, and premium consumer goods. The luxury industry is an incredibly resilient field, owing to market growth targeted at $1.2 trillion last year despite recent economic inflation.

Conversely, a PGDM programme in event management focuses on the event and entertainment sectors. This curriculum encompasses the planning and supervision of diverse events, including weddings, corporate conferences, festivals, concerts, and exhibitions. The event management industry is forecasted to experience substantial expansion, with a projected value of $4.75 billion in 2023, aiming to reach $8.71 billion by 2028. This growth is expected to occur at a compound annual growth rate (CAGR) of 12.90% over the forecast period.

Luxury vs. Event Management: Duration and Eligibility

Both of these PGDM programmes are Master-level offerings provided by business schools approved by the All India Council of Technical Education (AICTE). Each of these courses spans a two-year duration, which is further divided into four semesters. To be eligible for PGDM admissions, students must possess 50% minimum marks in their undergraduate programmes. Furthermore, students need to appear in entrance exams like CAT, MAT, XAT, CMAT, and NMAT. Alternatively, students can also secure admissions by applying for college-specific entrance examinations. In several cases, students with past work experience may be preferred during admissions.

Luxury vs. Event Management: Curriculum

The curriculum for a PGDM in Luxury Management offers a comprehensive understanding of luxury branding, customer experience, and luxury business. Students study about luxury market analysis, consumer behaviour in the luxury segment, retail management, and global luxury trends. Additionally, the curriculum also covers topics like luxury brand management, ethics in luxury, and luxury marketing strategies. Let us see some of the core subjects that are included in this programme:

• Luxury Brand Management
• Luxury Marketing
• Luxury Retail Management
• Global Luxury Trends
• Ethics in Luxury
• Luxury Market Analysis
• Luxury business strategies
• Luxury Customer Experience
• Luxury Services and Hospitality
• Luxury Product Development
• Luxury Supply Chain Management
• Luxury Legal and Regulatory Aspects
• Luxury Economics and Finance
• Luxury entrepreneurship and innovation
• Luxury Communication and Public Relations

PGDM in event management is designed to provide students with a well-rounded education in event planning, event marketing, logistics, entertainment law, and experiential marketing. Students also gain essential skills in project management, budgeting, and client relationship management. The curriculum also explores emerging trends in event technology and sustainability in event management. Let us see some of the core subjects that are included in this programme:

• Brand strategy and planning
• Brand identity and image
• Brand Equity
• Consumer behaviour and brand perception
• Market research and analysis
• Advertising and Promotion
• Product and Service Management
• Digital marketing and branding
• Integrated marketing communication
• Brand innovation and product development
• Brand Management in the Digital Age
• Brand Metrics and Analytics
• Brand ethics and sustainability
• Competitive Analysis and Positioning
• International Brand Management

Luxury vs. Event Management: Future Scope

The demand for students with a PGDM in luxury management has been steadily growing in recent years. Luxury brands, whether in fashion, hospitality, automobiles, or other sectors, place a high premium on skilled professionals who can enhance their brand equity, customer experiences, and market presence. Here are a few exciting job roles that students can access after the completion of PGDM in luxury management:

• Luxury Brand Manager: Luxury brand managers are responsible for overseeing the brand's overall image, positioning, and strategy.
• Luxury Marketing Manager: Luxury marketing managers focus on developing and implementing marketing strategies to promote luxury products or services.
• Luxury Retail Manager: Luxury retail managers are responsible for managing high-end boutiques and stores.
• Customer Relationship Manager: In luxury businesses, customer relationships work to build and maintain relationships with high-net-worth clients.

In today's competitive marketplace, businesses recognise the significance of effective branding in distinguishing their products or services among consumers. As businesses expand their presence globally, the demand for students who can navigate international markets and digital branding strategies continues to grow. Here are a few exciting job roles that students can take up after the completion of PGDM in event management:

• Promotion Manager: Promotion Managers develop and execute promotional strategies to enhance brand visibility and engage target audiences.
• Designing Executive: Designing executives create and oversee visual design elements for various projects, ensuring a consistent and appealing visual identity.
• Celebrity Manager: Celebrity managers supervise the careers and public image of celebrities, coordinating endorsements, appearances, and public relations.
• Event Coordinator: Event coordinators plan and execute events, overseeing logistics, coordination, and ensuring successful event outcomes.

Final Thoughts

India's rapidly growing luxury market and the flourishing event management sector present unique career opportunities. While a PGDM in luxury management primarily focuses on the luxury industry, a PGDM in event management revolves around the event and entertainment industries. Both fields offer promising career opportunities across diverse industries. Luxury management students can work as luxury brand managers, luxury marketing managers, luxury retail managers, and customer relationship managers. On the other hand, a PGDM in event management can help students pursue positions like brand manager, advertising manager, digital marketing manager, and brand strategist. Ultimately, the choice between PGDM in luxury management and PGDM in event management should align with students’ interests, career goals, and personal strengths.