INDIA LUXURY MARKET

India's luxury market is one of the world's most exponential markets!

As it is expected to grow rapidly over the next few years, it is set to reach Rs 82,186 Crore by 2027, up from Rs 53,561 Crore in 2022.

Bain & Company reports suggest that the market could expand to 3.5X its current size by 2030.

Here are 4 reasons why India's luxury market is booming:

1. Indian wealth and the increasing number of millionaires have impacted all metrics.

India saw a 69% growth in the number of millionaires between 2022 and 2027 compared to a 45% rise globally.

2. Younger customers and an expanding upper and middle class has also grown their demands.

3. The growing trend of internationalization of the Indian luxury market has worked out as well.

4.With global brands appointing celebrities as brand ambassadors and celebrated Indian designers setting up stores in cities like New York, has also pushed the momentum.

Recently, the 750,000 sq ft Jio World Plaza represented the same trend with a group of 66+ global luxury brands.

Brands like Louis Vuitton, Gucci, Cartier, Bulgari, Balenciaga, Valentino, Versace, Rimowa, Jimmy Choo, Dior, and numerous others are India's new luxury brands.

In categories like fashion, jewellery, accessories, home decor, and more, Indians are inclining to more luxuries.

With advanced technology, personalized services, and partnerships, brands have set a new standard for luxury in India.

What are your thoughts on the Indian luxury market?