India Sees Rapid Growth of the Number of HNWIs, Reports Kuick Research22 Jan 2013 • by Natalie Aster
In 2010, India was first acknowledged among the top markets for luxury products in the world. India has the lowest ratio of urbanization among the largest markets of luxury goods. The fast growth of the Indian economy and emergence of megacities such as Hyderabad and Gurgaon indicates the large potential of the Indian market for luxury goods.
Although the Indian market is much smaller in comparison to the other top luxury markets, this situation is expected to change dramatically over the next few years. According to the report “India Luxury Retail Market Analysis” by Kuick Research, the number of high net worth individuals (HNWIs) in India is increasing rapidly and India is counted among the top 15 nations with the highest number of HNIs. However, while there are many who have the ability to spend, they do not necessarily understand or have not been exposed to luxury brands.
India Luxury Retail Market Analysis
Published: January, 2013
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India is not currently a very large market for luxury products, but it presents many opportunities. There is a large population of the superrich that are growing richer given the fast economic growth and there is a desire for luxury goods that is being spurred constantly by the media. Moreover, it is also an attractive as a manufacturing location for luxury goods that require a lot of manual labor. It has a large population of skilled artisans that have historically been involved in creating high value products such as jewelry, zardozi, handwoven textiles, leather and crafts. Further, manufacturing costs are extremely low in India.
More information can be found in the report “India Luxury Retail Market Analysis” by Kuick Research.
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