Why Luxury Brands Are Betting Big on India: Market Growth, Trends, and Opportunities
India, once seen as a price-sensitive market, is now emerging as a lucrative destination for luxury brands. From high-end fashion houses like Louis Vuitton and Gucci to luxury car manufacturers like Rolls-Royce and Mercedes-Benz, global luxury brands are increasingly focusing on India. But what’s driving this shift? Why are luxury brands betting big on India? In this blog, we’ll explore the market growth, key trends, and opportunities that make India a hotspot for luxury brands. 1. The Rising Affluence of the Indian Consumer India’s economic growth over the past decade has created a new class of affluent consumers. According to a report by McKinsey, India’s middle class is expected to grow to 583 million people by 2025. Alongside this, the number of ultra-high-net-worth individuals (UHNWIs) in India has been rising steadily. Luxury brands are taking note of this growing purchasing power. Cities like Mumbai, Delhi, and Bangalore are home to a significant number of m...