A recent luxury trends report from Ledbury Research advises companies to start focusing on India. They are estimating that the number of families with annual incomes of more than $230,000 will have more than doubled from 20,000 in 2002 to 53,000 by the end of 2005 and will grow to 140,000 by 2010. By way of comparison, the UK has 400,000 families at this income level currently.
Luxury car makers are pouring in to woo the nouveau riche (Audi, BMW are the most recent entrants). A recent article in the Christian Science Monitor talks about how the luxury product makers are trying to tap the lavish spending that occurs around the wedding season by timing their new product introductions, market promotions etc. An average Indian wedding ($34,000) costs almost 30% more than the average American wedding ($26,327), with rich Indian families spending as much as $2 million dollars.
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Don’t know how true this is– but tehre was a time a few years back when every woman who entered the Miss Universe/World/Asia-Pacific contests from India, won or made it to the top finalists.
It was supposedly all planned becoz the big cosmetic companies wanted to enter the Indian markets via these winners.
rememebr diana hayden in, loreal’s becoz i’m worth it campaign?
just a thought.
October 3rd, 2005 at 1:58 pm
Jinal,
Good point. So this could well be hyperbole. However, I think this time around a lot of people are awash with money generated by Software and BPO services which wasn’t the case during the Miss World/Miss Universe hoopla that you are referring to. I am the eternal optimist, so let us see.
Sukumar
October 4th, 2005 at 9:06 am
Hi ! I am doing a study on the indian luxury market. Is there any source from where i could get some information?
Thanks,
Komal
October 25th, 2005 at 1:41 am
I’m doing a project on Weddings in India.Can i get some information regarding the growing wedding market in India.It would be really helpful if i could get some recent statistics about this market..
Thank you
February 8th, 2006 at 11:52 am
hi, nice comments. I’m doing a research assignment on the scope of the luxury retail industry in india…..please could you help me out. any good sites, links with related info that I could use. Thanks!
May 3rd, 2006 at 5:54 am
hi im shraddha. im doin a study on indian luxury market of india is there any source from where i can get any infomation. thanks shraddha
November 1st, 2007 at 10:08 am
Hi,
I was also interested in the luxury market in India. I did find some key takeaways but please e-mail me with specific interests and I may be able to help you guys out.
Best
Girish
December 24th, 2007 at 6:16 pm