Yet beneath the veneer of a nation steeped in tradition and poverty, a hidden world of opulence is emerging. India, a land of contrasts, is quietly becoming a playground for the ultra-wealthy, where luxury brands are witnessing unprecedented growth. While millions of Indians live on less than $2 a day, the wealthiest one per cent enjoy affluence that ranks them among the richest people globally when adjusted for purchasing power parity (PPP). Adding to this, the top five per cent of the population - around 70 million - can comfortably afford luxury goods, outlining a significant opportunity for the luxury market.
A Billionaire's Playground in the Making: India's economic growth trajectory suggests the country's GDP could grow five-fold over the next 20 years. This would not only elevate millions into the high 'net worth' category but also create a significantly larger pool of affluent consumers. With a youthful, aspirational population, demand for high-end goods and experiences is already rising. The booming urban elite is key, but India's luxury story isn't limited to major metropolitan hubs like Mumbai and Delhi.
New wealth centres are emerging in Bengaluru, Hyderabad, and Pune, fueled by their flourishing tech industries and a growing number of young professionals. The demand for upscale lifestyles is spreading, creating fertile ground for luxury brands. The allure of luxury goods in India transcends the products themselves, extending to the status, exclusivity, and identity they offer, positioning the country as a potential powerhouse for global luxury.
Denne historien er fra November 02, 2024-utgaven av BW Businessworld.
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Denne historien er fra November 02, 2024-utgaven av BW Businessworld.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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