Luxury market in India rides the new wave of affluent buyers
Bulgari’s jewellery and watches have been lapped up by Indians. “We recorded our best ever sales performance in India in 2023,” says Babin. According to consulting major Bain & Co, the luxury goods market, which includes personal luxury goods, jewellery, home décor, cars, boats and spirits, is now worth $17 billion in India, and is expected to be $90 billion by 2030.
Out of the $17 billion market, the personal luxury goods market, which includes watches, leather, apparel and beauty, is $4 billion.
The global luxury market, meanwhile, is gargantuan, at €1.5 trillion ($1.6 trillion). The club of rich Indians is growing—and they are devouring luxury. The number of high net worth individuals (HNIs), with asset value of at least $1 million, was 7.9 lakh in 2022, and is estimated to be 16.5 lakh in 2027.
The number of ultra-high net worth individuals (UHNIs), with an asset value of at least $30 million, was about 12,000 in 2022 and could cross 19,000 by 2027, according to Bain.
Meanwhile, Mumbai has overtaken Beijing as Asia’s billionaire capital for the first time, with 93 members in the exclusive league, according to the Hurun Global Rich List 2024. That is showing. Luxury players have recorded high sales in category after category.
Luxury car sales in India touched a record high of 42,731 units in CY2023, up 20% year-on-year, according to Jato Dynamics, thanks to growing disposable income and the propensity among buyers to uptrade after the Covid-19 pandemic. The trend is expected to continue in 2024, fuelled by new launches and rising aspirations.
2023 was also a year of record sales, albeit on a small base, for super-luxury cars that are priced above Rs 2 crore. Lamborghini, whose models start from Rs 3.8 crore in
