The country's luxury sector is valued at over $5 billion and is expected to grow by 10 percent within the next five years.
E-commerce has also contributed to the country’s luxury boom. Amit Pande, brand head of—an Indian online retailer that carries over 80 luxury brands—says the accessibility of online shopping has contributed to the growing demand from wealthy Indian consumers.
“Today, affluence comes about with a certain confidence about the future. Many Indians today want to claim a better quality of life, and rightly so,” Pande told . “This mindset will fuel the demand for premium and higher quality products and experiences in the near future.” It also doesn’t hurt that the number of wealthy Indians has grown substantially over the last decade. There has been an 11 percent increase in people with incomes above $30 million since 2011. That number is expected to climb to 39 percent by 2026.
With numbers like that, it will be no surprise if India becomes a powerful force in the luxury sector over the next decade.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pending home sales in US decrease for fourth consecutive month: NARThis marks the fourth straight month in 2022 that this key housing market indicator has fallen, reflecting lowered sales of luxury and non-luxury properties in the United States.
Read more »
Peter Brandt Claims Dogecoin’s Bear Market Is OverDogecoin’s bear market has ended, according to trader Peter Brandt
Read more »
The pandemic years changed shopping in Anchorage. Maybe forever.The retail sector shrunk, customers turned away from high-end brands and the future of the mall as most people know it isn’t clear.
Read more »
HP Elite Dragonfly Chromebook review: The best of ChromeOS, but not worth the price | EngadgetGoogle has been making high-end Chromebooks for almost a decade now, dating back to the $1,300 Chromebook Pixel in 2013.
Read more »
Turtlenecks, shared showers and wetsuits for indoor pools: Europe grapples with energy crisisAs winter approaches, cuts in Russian gas are sending shivers through Europe, where energy is becoming a 'luxury good' rather than a basic service.
Read more »