Retail sales of luxury goods in India increased by 3% in current value terms to reach INR553.8 billion in 2023.
In 2023, sales of luxury goods increased, even though there were headwinds caused by the war in Ukraine, supply-chain issues and inflation. Events during the pandemic had a significant impact on luxury goods, leading to a significant drop in mobility due to lockdowns, a massive decline in spending in physical retail outlets and curtailment of international travel.
Luxury players remain highly competitive. With many consumers thinking twice before buying, luxury players are focusing more on creating innovative products that offer consumers value, ensuring that their products and the services they offer are affordable and competitive.
Digitalisation is transforming luxury retail, altering consumer shopping habits and brand engagement. This is leading to consumers now seeking out luxury brands online, shifting away from traditional retail spaces.
A rosy future is predicted for luxury goods, with pent-up demand post-pandemic likely to result in increasing luxury goods purchases during the forecast period, particularly given India is among the countries that is expected to see impressive growth in the number of UHNWI, HNWI and affluent adults between 2023 and 2030. Retail sales of luxury goods in India are predicted to increase at a CAGR of 11% in current value terms (6% CAGR at constant 2023 prices) over the forecast period to reach INR912.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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