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BUSINESS
INDIAN LUXURY MARKET TO CROSS $18.3 BILLION BY 2016
January 10, 2016
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1.With increasing brand awareness amongst the Indian youth and purchasing power of the upper class in Tier-II and Tier-III cities, Indian luxury market is expected to cross $18.3 billion by 2016 from the current level of $14.7 billion growing with a compound annual growth rate (CAGR) of about 25 per cent, according to a Assocham study.

2.The factors that have fuelled the luxury industry’s growth are the rise in disposable income, brand awareness amongst the youth and purchasing power of the upper class in Tier-II & Tier-III cities in India, said D. S. Rawat, Secretary General, Assocham.

3.The sectors such as five star hotels and fine-dining, electronic gadgets, luxury personal care, and jewellery performed well in 2015 and are expected to grow by 30-35 per cent over the next three years. Big ticket spends such as on luxury cars mainly SUV are likely to continue, growing upwards of 18-20 per cent over the next three years, driven by consumption in smaller towns and cities.