In the past few years, luxury in India has been growing at a compound annual growth rate (CAGR) of about 25 per cent. As per a report by Assocham, the market is expected to exceed $18.6 billion by 2016-17. Interestingly, as per Amitabh Kant, CEO, Niti Aayog, the luxury industry in India has the potential to grow 10-fold from its current size and reach a top line of $180 billion by 2025.<\/p>\n
The Indian luxury landscape is clearly experiencing strong evolutionary undercurrents that are redefining the consumer profile and also how luxury players need to operate in this domain.<\/p>\n
Service areas such as fine dining, electronics, luxury travel, luxury personal care and jewellery have seen increasing revenues and are expected to grow 30-35 per cent over the next three years. Spending on luxury cars continues to rise growing upwards of 18-20 per cent. As the purchasing power of women is rising in India, luxury beauty products market is witnessing a fast-paced growth. According to Euromonitor International, the luxury product categories that have recorded considerable growth are luxury jewellery as well as timepieces, luxury writing instruments\/stationery; super premium beauty\/personal care products, luxury electronic gadgets and luxury tobacco.<\/p>\n
Besides, the Indian luxury market is developing many facets. Luxury is no longer restricted to the rich and famous alone; the new age consumers, who do not typically fit into the boardroom definition of luxury consumers, are staking claims to luxury products, brands and services, but on their own terms.<\/p>\n
Luxury is no longer the privilege of the few who were born into wealth. There is now a larger consumer base, which has the money to splurge but want a real value proposition. Going forward, this will be the biggest challenge faced by luxury brands this year.<\/p>\n
This article was written by Mr Gupta & was originally published in BWDISRUPT<\/a>. To read the complete article, please click on the link: BWDisrupt Article<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" In the past few years, luxury in India has been growing at a compound annual growth rate (CAGR) of about 25 per cent. As per a report by Assocham, the market is expected to exceed $18.6 billion by 2016-17. Interestingly, as per Amitabh Kant, CEO, Niti Aayog, the luxury industry in India has the potential […]<\/p>\n","protected":false},"author":1,"featured_media":211856,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107],"tags":[],"class_list":["post-207689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-indian-luxury-markets"],"yoast_head":"\n