Wealthy Indians too boost up luxury sales

ACCORDING to a survey released by American Express titled, Inside the Affluent Space: : Changing Lifestyle Expectations of the Affluent in India, the report states that the wealthy population is growing an average rate of 12 per cent across both the mass affluent and high net-worth individual segments, whose cumulative wealth is currently around $203 million.

The high-end branded jewellery and watch segments are estimated to be growing at a rate of 40 per cent, while the luxury automobile category is faring slightly better at 50 per cent. Growth in the luxury wine brands is around 30 per cent, while the international travel market is at 35 per cent.

International luxury brands that have already entered through the single-brand foreign direct investment (FDI) route include Louis Vuitton, Swatch (Omega), Chanel, Bvlgari, Roberto Cavalli and Christian Dior.