How big is India's luxury market?

On top of that, India’s luxury market has been steadily growing at an impressive pace. Euromonitor forecasts the luxury goods market to be worth $8.5 billion, up by an impressive $2.5 billion from 2021. According to Statista, it is expected to continue growing annually by ~8 CAGR, to help the overall luxury market surpass $200 billion by 2030.

Will India's luxury goods market grow in 2022?

Despite the ups and downs in the luxury goods market, the sector holds massive potential for growth. According to Euromonitor International, India's luxury goods market will be worth $8.5 billion in 2022, against $6 billion in 2021. And, like other sectors, technology is going to play a major role in the growth of the luxury sector.

How much is India's apparel market worth in 2022?

India’s apparel market will be worth $59.3 billion in 2022, making it the sixth largest in the world, comparable to the United Kingdom’s ($65 billion) and Germany’s ($63.1 billion), according to data from McKinsey’s FashionScope.

Are luxury brands attracted to India?

Many luxury brands have been attracted to India by the potential of the wedding market. A 2017 report by consultant KPMG valued it at more than $50 billion, second only behind the US and growing rapidly.