Indian Economy: Global Luxury Brands Eyeing Indian Market To Grow Their Business, Here’s What Report Says

Indian Market Growth: The trend of spending in India is rapidly increasing just like the country’s economy. After COVID-19, people have started spending more on their hobbies, travel, and luxury things, and India has become a huge market for international brands to invest in. A recent report from Goldman Sachs provides insight into this shifting global landscape. According to the report, around six crore Indians currently make more than $10,000 per year, and this figure may rise to approximately 10 crores. 

On The Road to Become ‘Prosperous India’

From Apple opening a new store in Delhi to Italian luxury fashion brand Bulgari launching a Kada for Indian men worth Rs 12 lakh, India is witnessing a surge in rich customer spending. Christian Dior Couture and many global luxury brands are planning to open their stores in India as well. There are many reasons behind these developments. In the last three years, the market capitalization of India has grown by 80%. Common people began investing in the stock market increasing the participation to a fourfold, and SIP (Systematic Investment Plan) investments in retail accounts have increased significantly as well. Between 2020 and 2023, there was a 65 percent increase in the price of gold. In addition, between FY19 and FY23, property values in India increased by 30%.