The Indian luxury market is expected to cross that amount during this year.
According to a research report by Euromonitor, India merely contributes 1-2% to the global luxury trade. However, despite this insignificant percentage, the market is growing at a compounded annual growth rate (CAGR) of about 25%. Indian luxury market is expected to cross $18.3 billion by 2016 from the current $14.7 billion.
As per a study by Assocham , in 2015, luxury jewellery, electronics, SUV cars and fine dining have grown immensely. Apparel, accessories, wines and spirits are growing as strongly as in the past. Consumption of branded wine is also likely to register a over 30% increase in the metro cities.
Indian brands are starting to be well-known, with Gitanjali Group (jewellery retailers), Titan Company (5th largest manufacturer of wrist watch in the world) and PC Jeweller Limited (jewellery retailers) now accessing the top 50 luxury brands worldwide.
Finally, it is to be noted that cosmetics and beauty products markets are highly lucrative in India, since women’s purchasing power is greater.
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