According to a recent study by the firm Kearney, luxury goods revenues on the Indian peninsula, driven by strong economic growth, should reach 12 billion dollars by 2028. But while the 1.5 million millionaires expected by that date should drive this consumption, less affluent categories should also participate.
A great strategic relay for a luxury sector in difficulty… but not an Eldorado Bis, taking over from China!
“India: the next luxury hotspot?”, the study unveiled on April 2nd by the firm Kearney, provides a realistic idea of the prospects that this subcontinent offers to the ambitions of luxury players.
A complex market but one to be considered carefully
“While India is still a very complex market for luxury goods – and beyond – with limited potential in terms of volume compared to a player like China, for example, the concrete transformation of its regulatory framework, the dynamics of its growth and the emergence of new consumers make it a destination to be considered carefully for a luxury sector currently looking for new growth drivers,” summarizes Vincent Barbat, partner at Kearney and in charge of luxury for Europe.
He emphasizes that “the ability to understand the specificities in order to take them into account at all levels, from supply to commercial development and services, will be key.”
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