Luxury Brands Market in India: Recent Trends Challenges and Opportunities
DOI:
https://doi.org/10.51983/ajms-2019.8.2.1521Keywords:
Luxury, BRICS Ultra High Net Worth Individuals, Counterfeits, MillennialAbstract
Luxury Brands industry has undergone series of dynamic changes in last 20 years. India’s luxury market is set to grow USD 30 billion from USD 23.8 billion by the end of year 2020 attributing to growing influx and expose to international brands, high purchase power of Indian upper class consumer in tier II and tier III cities. According to study by Assocham, Indian Luxury market is expected to expand five folds in next three years and the number of millionaire expected to multiply three times. India, has rich fashion history of bright colours, exotic saris, elegant embroidery, and stunning jewellery, that has been an inspiration for designers around the world. Hence, many international luxury brands recognize the potential of the market of Indian owing to the growing number of billionaires and the rise of the urban elite class. The industry has faced challenges from technological advancements, high import duties and counterfeits products. The purpose of this research paper is to highlight the main areas of concern for the future of luxurybrand industry in Indian market with its challenges, trends and opportunities.
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