01 November2022, Mumbai:
An increase in the number of wealthy people is proving to be a boon for India’s luxury industry.
Sales of expensive goods from Swiss watches to upmarket homes are on the rise. Factors such as increased disposable income, rising internet penetration leading to increased awareness and exposure, the introduction of new brands in the country, and the youth purchasing luxury products in new categories are all contributing to the expansion of this industry.
From experiential luxury via high-priced holiday travels, big fat weddings, and fine dining experiences to purchases of sprawling residences, to name a few, the luxury goods market has witnessed a bounce back over the last two years.
Post the pandemic, people are now inclined towards buying luxury that holds value and is not something that you cannot redeem in times of need. Ultra-high-net-worth individuals rose by 11 percent in 2021.
This was the highest percentage growth of any country in the Asia Pacific region. The uptick in the number of wealthy is a boon to the luxury industry and is unlikely to wane. The number of ultra-high-net-worth individuals in India is forecast to increase by 39 percent between 2021 and 2026. India’s luxury goods market is expected to grow by 42 percent in 2022 compared to 2021.
