Luxury Market Spend Allocation
Monday, May 19, 2008
The potential for luxury retailing in India is large considering that Indians attach significant importance to brands. The market size is estimated to be at US$500 million and is growing at a rate of 35-40% p.a. The luxury watch market and branded jewelry each are growing at 40% p.a., and wine at 30%. The Pie chart below shows the breakup of Indian Luxury Retail Market.
Lifestyle and attitudinal changes, consumerism, and rising income levels will continue to provide growth momentum to the high-end brand retailing in the country. According to a recent industry report, there are about 1.6 million luxury households in India and this number is likely to cross 3 million by 2010. Each of these households earns about over US$100,000 per year and they spend about US$9,000 per year on luxury and high-premium goods.
Lifestyle and attitudinal changes, consumerism, and rising income levels will continue to provide growth momentum to the high-end brand retailing in the country. According to a recent industry report, there are about 1.6 million luxury households in India and this number is likely to cross 3 million by 2010. Each of these households earns about over US$100,000 per year and they spend about US$9,000 per year on luxury and high-premium goods.