Scribd Logo
Upload

Welcome to Scribd!

  • 99 views

    Luxury Market in India

    Uploaded by

    Veronica H
    India is one of the fastest growing luxury markets in the world, projected to surpass $200 billion by 2030. It has a large, young population under 30 years old who are more willing to purchase luxury goods online. The size of India's middle class is also growing significantly, from 158 million people in 2018 to an estimated 300 million by 2030. This demographic growth and rising wealth is driving substantial opportunities for luxury brands in India.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    Luxury Market in India

    Uploaded by

    Veronica H
    99 views2 pages
    India is one of the fastest growing luxury markets in the world, projected to surpass $200 billion by 2030. It has a large, young population under 30 years old who are more willing to purchase luxury goods online. The size of India's middle class is also growing significantly, from 158 million people in 2018 to an estimated 300 million by 2030. This demographic growth and rising wealth is driving substantial opportunities for luxury brands in India.

    Original Title

    Luxury market in India

    Copyright

    © © All Rights Reserved

    Available Formats

    DOCX, PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    India is one of the fastest growing luxury markets in the world, projected to surpass $200 billion by 2030. It has a large, young population under 30 years old who are more willing to purchase luxury goods online. The size of India's middle class is also growing significantly, from 158 million people in 2018 to an estimated 300 million by 2030. This demographic growth and rising wealth is driving substantial opportunities for luxury brands in India.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    99 views2 pages

    Luxury Market in India

    Uploaded by

    Veronica H
    India is one of the fastest growing luxury markets in the world, projected to surpass $200 billion by 2030. It has a large, young population under 30 years old who are more willing to purchase luxury goods online. The size of India's middle class is also growing significantly, from 158 million people in 2018 to an estimated 300 million by 2030. This demographic growth and rising wealth is driving substantial opportunities for luxury brands in India.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Luxury market in India

     India is one of the fastest-growing luxury markets in the world.


     The size of Indian luxury market is projected to surpass $200 billion in 2030. According to recent
    McKinsey report, 300 international fashion brands are eyeing to enter India in next two years
     India is home to one of the youngest populations in the world and it will
    continue to remain so until 2030 and as the younger generation is more
    confident in buying luxury goods online

     Having one of the largest populations of millionaires in the region and a


    strong middle-class, India provides exceptional opportunities for luxury
    brands.

     India is home to youngest populations in world till 2030 who are confident in buying
    luxury goods online which has led to a significant growth in e-retail of luxury goods
    which the earlier generation is afraid.
     Indian economy is developing rapidly and Indian consumers are in the “show off”
    stage wherein luxury commodities and big brand names mean exclusivity, wealth and
    high status
     It is predicted that middle-income households will grow from 158 million in 2018 to
    300 million by 2030
    NEED FOR BRANDS TO CHANGE
     1. Online presence: With the rise of Gen Z who prefer shopping from the comfort of
    their home brands need to work on their online presence
     2. Digital Marketing: Although digital marketing threatens the integrity of brands, it
    is necessary to promote the brand with the advent of social media, influencers and
    famous
     3.Adapting to the new consumer needs: With trends changing and Gen Z taking over
    who have a preference of athleisure rather than conventional suits or dresses the
    brands have a hard time adapting to the new consumer needs.

    Market Value
     global personal luxury goods sales will reach €283 billion ($324
    billion) by year end, marking a 1% increase over 2019 levels and 29%
    over 2020.
     the authors predicted the personal luxury goods industry would need
    “years to recover to its pre-pandemic level”, but in the in between six
    months, consumers have staged a remarkable comeback in terms of
    spending. The strategy consulting firm has now revisited its prediction to
    €283 billion, meaning that the sector will have closed Covid-19’s income
    gap in the space of just one year.
     The global luxury goods market size was USD 316.16 billion in 2019. The market is
    projected to grow from USD 257.26 billion in 2020 to USD 352.84 billion in 2027
     Even though luxury online sales are gaining market share worldwide, the
    importance of the physical store continues to increase. 
    YOUNG CONSUMERS
    in fact, by 2026, Millennials and Gen Z will make up more than 60
    percent of luxury spending, up from 39% in 2019
     Young luxury buyers want brands that are actually credible, with authentic
    narratives and honest cultural interventions. In essence, this means that
    luxury brands must tick four boxes: be timeless, build emotional connection,
    be worn by opinion leaders and by consumers’ social circles, and have social
    responsibility.

    Millennials are particularly fond of collaborations between luxury and


    streetwear labels

    You might also like