INDIA: Luxury market “to treble” in three years
India’s luxury goods market has been largely unaffected by the country’s economic slowdown and is poised to expand threefold in the next three years, according to new research.
In a recent paper, ASSOCHAM, the Associated Chambers of Commerce and Industry of India said the country's luxury goods market was worth an estimated US$8.5bn in 2013, up from $6.5bn in 2012.
It added that revenues were expected to exceed $14bn as the market expanded threefold over the next three years, with the number of millionaires also expected to multiply by the end of 2017.
“A young demographic profile, growing number of millionaires and billionaires, and aspirational integration with the globe are all among the driving factors for the luxury markets which see a big potential in India,” said D S Rawat, ASSOCHAM secretary general.
“Since the high-end products and lifestyles are not price-elastic, they don’t get much affected by the slowdown.”
ASSOCHAM highlighted the “craze” among young people for branded products as one of the driving factors of growth, pinpointing Gucci, Christian Dior, LVMH India and Judith Leiber among the strong performers in 2013.
“Luxury jewellery, electronics, SUV cars and fine dining have grown beyond expectations, while apparel, accessories, wines and spirits have continued their strong growth in 2013,” said Rawat.
The CEO of Gucci and its creative director are to both step down, French luxury goods group Kering has revealed....
LVMH Moet Hennessy Louis Vuitton SA - Strategy and SWOT Report, is a source of comprehensive company data and information. The report covers the company’s structure, operation, SWOT analysis, product ...
LVMH Moet Hennessy Louis Vuitton SA (MC) - Financial and Strategic SWOT Analysis Review provides you an in-depth strategic SWOT analysis of the company’s businesses and operations. The profile has bee...
This report analyzes the worldwide markets for Hats, Caps, And Millinery in US$ Million. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin Ame...
This report provides information, analysis and valuable insight on developments relating to the global apparel industry in the following categories: acquisitions, divestments and mergers; corporate so...
- Enthusiasm for tech in outdoor apparel on rise
- 2015: Welcome to the new fashion consumer
- New American Apparel CEO sees solid platform
- Outlook 2015: What's happening with sourcing?
- George at Asda on responsible retail journey
- EU exploring responsible garment supply chains
- Kanati pulls production out of Pakistan
- Gap to close Piperlime division
- Hanesbrands invests $1.5m in US hosiery plant
- US takes final step to WTO TFA implementation
- Myanmar's Garment Sector - Opportunities & Challenges in 2015
- Outdoor performance apparel: peaks, valleys, and green fields
- Li & Fung Limited (494) - Financial and Strategic SWOT Analysis Review
- Apparel Retail: Top 5 Emerging Markets Industry Guide
- Management briefing: Outlook 2015: Apparel industry issues in the year ahead