India's Luxury Market Expected to Exceed $10 Billion By 2014

Posted: Nov. 19th, 2013  |  By DailyLuxe News

A slowdown in economic growth stunted the growth of the luxury market in India in 2013. However, the market is expected to bounce back robustly in 2014, according to a market report by industry analysts CII-IMRB.

A 17 percent growth rate is expected for 2014. While India’s current market share is low, its population of more than 1.2 billion prompts industry insiders to anticipate growth from this region based on moderate upswings in demand. Pricing is a key concern, as cited in this story by the Economic Times.

… "India could become an important luxury market in the next decade. However, right pricing is very important. A luxury brand cannot bring down prices just to attract more customers, to make it more affordable. Premium pricing is essential to ensure the brand exclusivity," Canali, Generale Manager, Stefano Canali said in the CII-ET Dialogue on Luxury.