The face of global luxury is getting wiser to the potential of the East. India's luxury market could reach a staggering $200 billion by 2030, growing to 3.5 times its current size, a Bain & Co report says. And there are many triggers for it
Image: Priyanka Chopra: Courtesy Chris Colls / Bulgari; Dior Show: Indranil Mukherjee / Afp; Manish Malhotra & Abhishek Agarwal: Bajirao Pawar For Forbes India; Deepika Padukone Courtesy Louis Vuitton
Alia Bhatt, Gucci. Deepika Padukone, Louis Vuitton. Ananya Panday, Jimmy Choo. Priyanka Chopra Jonas, Bulgari. Most recently: Katrina Kaif, Rado.
The face of global luxury is changing. It’s getting wiser to the potential of the East. When Ranveer Singh’s rambunctious Rocky Randhawa â€wore both his heart and his Gucci on his sleeve’ in Karan Johar’s Rocky Aur Rani Kii Prem Kahaani, he represented a sizeable chunk of the Indian youth, unabashedly revelling in the fashion they see on runways, red carpets and their Instagram screens.
India’s luxury market could reach $90 billion by 2030, growing to 3.5 times its current size, a Bain & Co report estimates. This could be propelled by factors, including a growing number of ultra-high-net-worth individuals; more entrepreneurs and a stronger middle class; increased demand from Tier II and III cities; greater ecommerce penetration.
In fact, luxury accessories brand Jimmy Choo launched an India-exclusive Diwali collection this year, featuring sparkly gold heels and glittery bags. Louis Vuitton, last year, released a capsule India collection centred on the country’s festive season, with hues of rani pink, black and gold. Italian luxury brand Bulgari has options for mangalsutras, and Dior made a historic showcase at Mumbai’s Gateway of India earlier this year, with a Fall 2023 collection full of sari-inspired cuts and Indian embroidery, in partnership with the Chanakya School of Craft.
The Bain report also states that the luxury market has fully recovered from the Covid-19 crisis, having grown 8 percent to 10 percent over 2019. However, demand for luxury goods in China is still slow, owing to prolonged Covid-19 lockdowns and decreased consumer confidence.
(This story appears in the 17 November, 2023 issue of Forbes India. To visit our Archives, click here.)