IS THIS JUST about revenge shopping? Can it be explained by the fact that home-grown luxury brands have successfully captured the imagination of the world? Or is it a fallout of global brands making a grab for Indians'wallets? As per Euromonitor International, India's luxury market will touch 82,186 crore by 2027, up from 53,561 crore in 2022.
A new report by Deloitte, 2023 Global Powers of Luxury Goods, says India constitutes 9.1% of the luxury goods sales by the Top 100 firms in the surge in discretionary spending, Indian consumers are increasingly inclined the category."With towards luxury purchases, accentuating India's pivotal role in shaping the future of luxury retail," says Anand Ramanathan, partner, consumer products and retail sector leader, Deloitte India.
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