Luxury goods market in India - statistics & facts
India is one of the most thriving markets for luxury goods. It is currently the fastest growing in Asia and is poised to generate a revenue of more than eight billion U.S. dollars by 2028. About a century ago, the rich elite in the country were the main driver for luxury goods, as they sought unique and distinguished goods to symbolize their wealth and social standing. However, nowadays, the market is mostly driven by the rise of affluent consumers, along with an increase in the number of ultra-high-net-worth individuals. Additionally, the luxury jewelry and gems segment along with cosmetics and fragrances accounts for the largest share in the luxury goods market.
