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Indian luxury market expected to boom to $30 Bn by 2015
By siliconindia
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Friday, 21 September 2007, 19:30 IST
New Delhi: Not a stranger to India, the luxury industry is all set for an unprecedented flourish here. The size of the luxury market in India is estimated at around $3.5 billion and if given the right impetus, it can easily leapfrog to $30-billion by 2015.
"India is not Malaysia, Thailand or Singapore. Luxury chains can succeed in India only if they choose a model which is India specific," said Kamal Nath, Minister of Commerce and Industry, to The Economic Times at a conference on luxury industry. He also pointed that the centres of purchasing power are not necessarily just in large metros such as Kolkata and Bangalore, but could also be in smaller cities. There are a lot of emerging markets that could be tapped. The Indian government so far approved about 19 foreign luxury chains through the single brand foreign direct investment (FDI) window.
According to a comprehensive survey done by AT Kearney for The Economic Times it has been observed that Indians are indulging in luxury assets, services and goods to the maximum. Indians splurge $2.9 billion on luxury assets (essentially private jets and luxury homes, cars or yachts and art), spend another $953 million on luxury services and top it by buying luxury goods worth $377 million.
The typical luxury brand consumer is in the 25-34 age bracket, usually an industrialist. The survey indicates that the Indian consumer wants to get the best before others, demands value for money through tough negotiations, and looks forward to recognition and respect.