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2023 was a record year for Indias luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bain's estimates.
Luxury Market India: 2023 was a record year for India’s luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bain's estimates.
2023 was a record year for Indias luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bain's estimates.
What are you gifting your loved ones this Diwali? High-end stuff is hot, apparently. From desserts to bags and jewellery, sales of luxury items are surging, driven by a flourishing economy, according to retailers and companies.
"Renowned international brands such as Louis Vuitton, Dior, Cartier, Bulgari, Gucci and Giorgio Armani are leading the way, with increased sales compared to last year," said Pushpa Bector, senior executive director at DLF Retail. Higher spending per customer than last year across all luxury categories signals an uptick in overall expenditure this festive season.