India’s Lust for Luxe
A couple of weeks ago Sukumar posted an article on PSFK about the size India's luxury market. Now, Time Magazine seems to have taken up the thread with an article...
A couple of weeks ago Sukumar posted an article on PSFK about the size India’s luxury market. Now, Time Magazine seems to have taken up the thread with an article on "India’s Lust For Luxe".
What’s changing is India’s demographic makeup as the nation’s booming economy mints a critical mass of newly affluent consumers. Last year, the average Indian salary surged 14% (18% for IT professionals), the highest wage growth in Asia, according to a study by Hewitt Associates, a global human-resources company. There are now about 1.6 million Indian households that spend an average of $9,000 a year on luxury goods, according to The Knowledge Company, a management-consulting firm in New Delhi.