The luxury goods market in India is projected to grow to Rs 82,186 crore by 2027, from Rs 53,561 crore in 2022, as per market research firm Euromonitor International. Here’s what the data collated in The Point in ‘Business Today Magazine - The Luxury Issue’ reveals about the world of the rich
India is projected to see 69 per cent growth in the number of millionaires between 2022 and 2027, compared to a 45 per cent rise globally
Demand for luxury products is going up in India, and so is the top line of such brands as can be seen from the rise in sales of products and services from Ethos Ltd, The Indian Hotels Company, Apple India and Jaguar Land Rover India
A total of 6,900 units luxury homes, which cost more than Rs 4 crore, were sold in India in January-June 2023 as compared to 3,000 units in 2022, per CBRE South Asia
Mercedes-Benz India’s total sales in 2022 stood at 15,822 vehicles, which was the highest-ever for the luxury car brand. It also marked a 41 per cent jump over the sales in 2021
The luxury goods market, which comprises an aggregation of personal luxury, fine wines/champagne and spirits, luxury cars and experiential luxury, is expected to expand by 9 per cent annually in India during 2022-27, as per Euromonitor International *Estimates
The share of personal luxury in the luxury goods market may again move close to 50 per cent by 2024, as per Euromonitor International. Personal luxury includes designer clothing and footwear (ready-to-wear), luxury eyewear, jewellery, timepieces, leather goods, writing instruments and stationery, portable consumer electronics and super premium beauty and personal care *Estimates
The share of the premium and luxury car segment may stay below the high of 2015, as per Euromonitor International. Premium and luxury cars normally cost over $75,000 and target high earners and status seekers *Estimates
The experiential luxury market may exceed Rs 5,000 crore by 2025 but its share in the space may remain below pre-Covid-19 levels, as per Euromonitor International. Experiential luxury is an aggregation of luxury hotels and luxury food service *Estimates
Business Today Magazine - The Luxury Issue - On Stands Now!
Magazine story by: Rahul Oberoi Graphics by: Raj Verma Produced by: Prashanti Moktan Designed by: Mohsin
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