Around two million Indian households spend about $10,000 per year on luxury and premium products and service. Should you be in this space?
We live in strange, paradoxical times. On one hand there are talks of high interest rates and inflation afflicting the Indian economy. And on the other, we are seeing luxury brands such as Louis Vuitton, Gucci, Jimmy Choo and Burberry arriving in India, with malls, like the UB City mall in Bangalore and DLF Emporio in Delhi, dedicated to super luxury brands, being launched.
According to KSA Technopak, the market potential of the luxury and premium segment in India is around $18 billion and expected to grow three times as much in the next ten years. Estimates also demonstrate that 1.8 million Indian households spend about $10,000 per year on luxury and premium products and services. That’s an interesting statistic in the light of the current fears of a global slowdown.
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As far as you can make out from the demand, the “luxury” factor is spilling into all sectors, including housing, travel, automobiles, apparel, jewelry and even food (think caviar!). DARE explored a small segment of the luxury sector—home furnishing and accessories—to find out more about this business.
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