Indian luxury market to touch $15 b by 2014-15: Assocham
The luxury market is
poised to expand three-fold in next three years and the number of millionaires
expected to multiply three times in another five years.
Mumbai, Feb 5:
From Louis Vuitton bags to Lamborghinis, the Indian market is
getting flooded with luxury goods. Despite the continued global economic
slowdown, the luxury market in India is expected to grow at 25 per cent to touch
$15 billion by FY 2015 from the current level of $8 billion.
Spending rising
A recent Assocham-YES Bank study reveals that while the luxury
market is poised to expand three fold in the next three years, the number of
millionaires is expected to multiply three times in another five years. Globally
too, consumer spending is on the rise, expected to reach $40 trillion by 2020.
The number of ultra high net worth households, with a minimum net
worth of Rs 25 crore is expected to triple to 2.86 lakh in the next five years.
the HNIs will be double in number by 2015 to over 4 lakhs with a collective
wealth of $2,645 billion.
“Increase in spending is anticipated across the country and beyond
the walls of the metros, with increasing brand awareness amongst the youth and
purchasing power of the upper class in Tier II & III cities in India where
luxury cars, bikes and exotic holidays and destination weddings are no
strangers,” said Assocham Secretary-General D.S. Rawat.
India, China resilient
These projections along with the increasing price parity in the
luxury products with other international destinations like Singapore or Hong
Kong, and customised products offerings would indicate that the luxury market in
India would evolve quickly, the study added.
India and China have shown their resilience to the global turmoil
by exhibiting sustained growth and thus laying a solid foundation for future
global economic recovery.
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