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(This story has not been edited by THE WEEK and is auto-generated from a PTI

Covid had helped boost demand for luxury brands in India as international travel restrictions shifted sales to domestic stores. That is now sto get another boost due to narrowing of the price gap between foreign and local markets after accounting for the 20% tax collected at source (TCS), mall owners said.

The Indian government's proposal to impose a 20% tax on expenditures made abroad under the Liberalised Remittance Scheme is expected to boost the sale of luxury brands in India. Due to the pandemic, international travel restrictions shifted sales to domestic stores, and the narrowing price gap between foreign and local markets, after accounting for the 20% tax collected at source, is attracting Indian consumers.

The success of movies Rocky aur Rani Kii Prem Kahaani, Gadar 2 and OMG 2 has lifted sales in malls in August with retailers reporting a 10-15% increase in footfalls and sales in comparison with last month. Other movies that have brought back people to cinemas include Barbie and Oppenheimer.

Richemont-owned watchmaker Panerai, for instance, has initiated an exclusive preview of its latest luxury watches in India this month to gauge buyer interest in the newest additions to its ‘Radiomir’ and ‘Luminor Due’ collections, some of which are priced as high as ₹50 lakh per piece