Luxury Goods Market in India: A Brief Analysis of its Trends and Patterns

This perspective seeks to elucidate the trends and patterns in India’s luxury goods market. The country has seen a rise in its youth population over the past decade. In addition, economic prosperity has increased. This bodes well for the prospects of the country’s luxury goods industry. However, the same has not happened. On the contrary, using data and analysis from Statista and ITC Trade Map for select categories of luxury goods, namely, luxury leather goods, luxury watches and jewellery, luxury fashion (high-end apparels and footwear), luxury eyewear, luxury cosmetics and fragrances, including select skin care products, it is evident that India’s luxury goods market could perform better in terms of revenue generation, market footprint and trends in trade. Desirable outcomes on this front could be attained if certain policy stances of the likes of making the luxury markets less overcrowded and more spacious, curbing the flow of counterfeits from domestic markets, reducing import duties and taxes on luxury goods, upgrading the managerial skills of staff involved in day-to-day supervisory operations and embracing sustainable practices are adopted.