Liberalization of the Indian economy resulted in high economic growth rates and widespread prosperity. It allowed people to broaden their horizons and altered mindsets. The industrial and IT revolution created an entirely new set of wealthy global Indians. The increasingly open economy created new business opportunities and promoted entrepreneurship that resulted in the emergence of exceedingly successful first generation businessmen. The self-made millionaires were increasing. The number of Indian rupee millionaires increased and later the list of dollar millionaires in India.
The preferences of the Indian consumers of luxury have evolved overtime. Earlier luxury was essentially intertwined with foreign trips and luxury goods were generally imported from Europe and USA. As luxury brands entered India and the number of new rich increased the need for displays of wealth and social status increased. Luxury became all about flaunting the hard earned wealth and people became extremely brand conscious. Include more about the recent change in mindset and limitations in the understanding of luxury.
Luxury retail has witnessed rapid growth in India. While most of the mature markets are undergoing slowdown in sales, India is being heralded as holding much future potential. Although, international brands face many challenges currently, most view their venture into India as a long term investment that will eventually yield massive returns. The Indian luxury market is expected to more than double its current size over the next five years. The growth of India as a luxury products market and its potential is obvious and there is a positive sentiment towards global brands.
“India Luxury Retail Market Analysis” Report outlines following aspects related to Luxury Market in India: