India Luxury Goods Market Report 2024: Sector to Reach USD 13.83 Billion by 2032

India Luxury Goods Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 6.70% (2024-2032)

Market Size in 2023: USD 7.7 Billion

Market Size in 2032: USD 13.83 Billion

The India luxury goods market is experiencing rapid growth, driven by rising disposable incomes, urbanization, and evolving consumer preferences. According to the latest report by IMARC Group, the market size reached USD 7.7 Billion in ​2023​. Looking forward, IMARC Group expects the market to reach USD 13.83 Billion by ​2032​, exhibiting a growth rate (CAGR) of 6.70% during ​2024-2032​.

India Luxury Goods Market Trends and Drivers:

India luxury goods market is changing. It's driven by more wealth in the middle and upper classes. The number of rich people and affluent consumers is increasing. This surge is mainly among younger people. They value experiences and brand authenticity over just owning things. As incomes rise, more people are buying luxury items that show off their style and status. Social media and digital platforms are making luxury brands easier to access. This allows for new ways of interaction with these brands. Consequently, brands are adjusting their marketing to meet the needs of a more diverse and tech-savvy audience. This shift is reshaping India's luxury market.

The digital revolution is transforming India's luxury market. E-commerce now plays a key role. Increased internet and smartphone use makes online shopping easier. This shift allows more people to access luxury goods. Brands are now focusing on better digital platforms. They offer personalized services and smooth transactions. This move to online sales not only widens the market but also provides valuable consumer data. Such insights help brands understand preferences and behaviors. Consequently, the market becomes more competitive. Brands use technology to stand out and offer unique experiences. By 2024, the use of augmented reality (AR) and artificial intelligence (AI) in online shopping is expected to boost engagement and sales.

Sustainability is now key for luxury buyers in India. With growing environmental awareness, consumers seek brands that are ethical and sustainable. This shift pushes luxury brands to adopt transparent supply chains and eco-friendly materials. They aim to match the values of socially conscious consumers. Sustainable luxury is not just a trend; it shows a deep change in what consumers expect. By 2024, brands focusing on sustainability will likely lead the market. This is because consumers will be more selective. This shift sparks innovation in product development and marketing. Brands aim to blend luxury with responsibility. This effort is set to reshape India's luxury market.a.

India's luxury goods market is rapidly evolving. It's influenced by socio-economic factors and changing consumer behaviors. Notably, there's a shift from traditional luxury goods to experiential luxury. Consumers now prefer unique experiences, like luxury travel and exclusive events, over just high-end products. This trend is especially strong among younger people. They seek experiences that reflect their lifestyles and values. Moreover, there's a growing demand for personalized products. Consumers want items that match their individuality. By 2024, technology is expected to boost personalization in luxury shopping. Brands will tailor offerings based on consumer preferences. The rise of social media is also changing how luxury brands interact with consumers. Platforms like Instagram and TikTok are key for storytelling and marketing. In summary, India's luxury goods market is growing. It's blending tradition with modernity, catering to the new generation of luxury consumers.

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India Luxury Goods Market Industry Segmentation:

The report has segmented the market into the following categories:

Breakup by Product Type:

• Watches and Jewellery
• Perfumes and Cosmetics
• Clothing
• Bags/Purse
• Others

Breakup by Distribution Channel:

• Offline
• Online

Breakup by End User:

• Women
• Men

Breakup by Region:

• North India
• West and Central India
• South India
• East and Northeast India

Competitive Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=21490&flag=C

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.