India is one of the fastest growing luxury markets in the world. The size of Indian luxury market is expected to grow from the current $30 billion to more than $200 billion in 2030. Over the next decade, the segment is well poised to see positive growth through economic development, greater connectedness and policy reforms, all of which will offer a plethora of opportunities for luxury companies to serve young, affluent, connected and confident Indian consumers.
Following is a compilation of the 6 major trends for Indian luxury market over the next decade that will help luxury companies predict the segment’s future in the Indian market:
This generation will want luxury to be more meaningful, to reflect their individuality and values rather than just being a status symbol.
Millennials will be Key Luxury Drivers
India is home to one of the youngest populations in the world and it will continue to remain so until 2030 with average age of 31 as opposed to its Western (40 in the USA) and Eastern (42 in China) counterparts. India will add more breadwinners to the world than any other nation. This population will be reared in a more confident and open India and thus, will aspire to live a better life, splurging money on discretionary items unlike their previous generational counterparts. Looking ahead, this favorable demographics will drive strong luxury consumption growth.
Rise of Gen Z
This story is from the October 2019 edition of Images Retail.
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This story is from the October 2019 edition of Images Retail.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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