17 January 2024, Mumbai
Why India
Luxury Market Set to Explode, Outpacing Global Growth
Get ready for India’s glittering ascent in the world of luxury.
Data points: The current $7.86 billion market, already one of the fastest-growing globally, is projected to surge by 3.5 times by 2030, according to Bain & Co.
This translates to a CAGR of a staggering 1.34% between 2024 and 2028, positioning India as a potential powerhouse in the global luxury arena.
High-end cosmetics and fragrances already take the crown, accounting for a substantial $2.28 billion in 2024.
Thick & fast
But the growth story extends far beyond beauty. Major luxury brands are recognizing India’s potential and forging strategic partnerships with local retailers like Reliance Brands and Aditya Birla Fashion Retail.
These collaborations unlock doors for international giants like Burberry, Giorgio Armani, and Valentino, making previously inaccessible luxury accessible to an increasing number of Indian consumers.
The magic recipe?
Exclusivity is balanced with expansion.
While the Indian luxury market retains its aura through high prices, low sales volumes, and limited outlets, it’s subtly adapting to accommodate the burgeoning demand.
Futuristic; The number of millionaires in India is projected to skyrocket by 105% by 2026, creating a loyal and enthusiastic customer base.
Fuels optimism
Furthermore, top-tier cities are witnessing a retail space boom, with Cushman and Wakefield reporting significant development in eight major urban centers.
This surge reflects the confidence of developers in the market’s immense potential, further fueling its growth.
India’s luxury market is no longer a spectator; it’s poised to rewrite the global script. Watch out for this billion-dollar dream, sparkling brighter with every passing year.
5 Key Insights:
- Billion-Dollar Boom: $7.86B market to explode 3.5x by 2030 (Bain & Co.)
- Cosmetics Crown: Fragrance & beauty lead at $2.28B in 2024
- Local Partnerships: Luxury brands team up with Reliance, Aditya Birla
- Doors Unlocked: Burberry, Armani, Valentino accessible to more Indians
- Future Frenzy: Millionaire boom + developer confidence fuel expansion
