21 December 2022, Mumbai
The Indian luxury market is expected to grow by ten per cent over the next five years.
The country’s fashion market is driven by premiumization, greater penetration of e-commerce and a higher focus on private labels as well as entry of international brands. Wealthy GenZ buyers are making a beeline for high-end stores. They are keen to splurge, and spend the big bucks right now.
Surge in ultra high net-worth individuals
There's also a surge in the number of Indian ultra high net-worth individuals. This population has risen 11 per cent between 2020 and 2021, and is expected to grow by as much as 39 per cent between 2021 and 2026. These big spenders are powering the Indian luxury market. India's luxury goods market is expected to grow annually by eight per cent. The number of wealthy Indians has grown substantially over the last decade. There has been an 11 per cent increase in people with incomes above $30 million since 2011. That number is expected to climb to 39 per cent by 2026.
Global brands have been making a beeline into India though strategic tieups. India has also been voted as the seventh most valued nation brand. With an increase in 32 per cent in its brand value, India has moved up one position in the most-valued nation brands list.
