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Indian Luxury Sales to Reach $5.6 bn

The luxury goods market in India in the wake of a strong growth in 2015. So far in 2015, the Indian luxury sales have risen 25 percent, according to a markets study.

The number of millionaire households worth 250 million rupees, about $3.8 million, has increased by 17 per cent in India since 2014. The increased income has resulted in demand for more luxury brands such as Canali Furla, Burberry, and Jimmy Choo. If the market continues to grow, the Indian luxury market is expected to double and reach $5.6 billion by 2019.

In 2014, the urban youth in India were more inclined to indulge and spend on luxury goods and accessories. The desire to stand out amongst the crowd has now become more common among adults too. Now, 44 percent of shoppers contributing to the Indian luxury goods economy are outside the megacities in India. Most of the wealthy are located in smaller cities where big industries have been built.

In 2014, luxury goods in India continued to outperform the growth witnessed in the previous year as consumers showed a willingness to spend. Growth registered by luxury goods in 2014 was in line with the CAGR witnessed over the review period. As the economy has shown signs of recovery, consumers have started indulging themselves by spending on luxury goods. Economic growth leading to urbanisation and higher disposable incomes has helped propel growth of luxury goods.

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