Indian emerges as the fastest growing Luxury market in the world

Luxurion World 2009 Inaugurated

With the European and American markets reaching a saturation point, leading players are now concentrating on the BRIC countries and the action is expected to shift to India, being the fastest growing luxury market, growing at 25%., and is expected to maintain these rates for the next 10 years.  The potential of  this market and other issues related to Indian Luxury Industry was discussed at Luxurion World 2009, India’s first Ultra Luxury Lifestyle Event was inaugurated at Grand Hyatt in Mumbai today. 

Mr.Vithal Kamat, President – Maharashtra Economic Development Council urged the delegates to utilize the platform of Luxurion Indiaas a connect between policy makers and stake holders of the Luxury Market, and look at ways and means of boosting the Indian luxury market.  The three day event is organized by Maharashtra Economic Development Council (MEDC) in association other major National Chambers and Trade Bodies.   

The Indian Luxury Market is estimated to be to be USD 4.35 billion and this forms only 2% of the global share.  The growth of luxury markets is on the basis of GDP per-capita growth and the High Networth Individuals (HNI’s) in a country. India will be the second largest economy by 2040.  Factors like Consumer Attitudes, Real Estate, Regulatory Environment and Ecosystem are important for the growth of luxury market and these are improving in the country.

India has 83,000 millionaires and every year 16,000 more are getting added to this.  The main trigger behind Indians indulging in luxury is to flaunt status, and the consumers here are becoming aware of leading global brands in the space, but tend to be extremely value conscious.  There is a sizeable population engaging in outbound travel and getting exposure to global luxury market.  The Indian consumer wants not just to be pampered, but entertained, excited and Inspired by Luxury brands and hence global players will have to look at innovative methods of reaching and engaging customers to succeed in the Indian market.

With India emerging as one of the important players in the Luxury Space, the rich and famous across the globe are interested inexploring Indian Luxury products. Also, because of the availability of high disposable income Indians have developed an appetite to live a lavish lifestyle.  India is being looked upon by the entire world as an emerging market and a potential Global hub. Hence, considering the potential of the Country many big brands from across the Globe either have set up their base here or are planning to do the same. 

“Luxurion World 2009” comprises of Exhibition and Seminars / Workshops on the latest trends in the Luxury Market and is focused on the high-end luxurious products and services in the sectors like Gems & Jewellery, Home Décor, Cars/Bikes/Auto accessories, Electronics, Watches / Fashion & Accessories, Real Estate, Wine & Dine, Wealth Management, Antique/Arts / Handicrafts,  Private Jets/Yachts/Trains.

Industry experts & Policy makers focus on Issues related to Luxury Industry like: Indian Luxury Market soaring through the Global Slowdown, India-Source and Destination of Luxury, Jewelry & Accessories, Beauty and Spa, Fashion & Apparel, Wine and Dine, Art , Tourism,  Luxury in Transportation, Yachts, Automobile and Making Mumbai the Luxury Hub of India.

The event also has various entertainment programmes like Fashion show by Gitanjali Lifestyle (Fashion Show partner), Entertainment Evening at Mumbai Cricket Association Recreation Club, Tatoo Show, Wine Tasting, Food Tasting, Massage sessions, Pet Shows, Live Painting Session, Skin care demo session etc.  There are two networking dinners on the 7th and 8th of Nov at Hotel Grand Hyatt and MCA,Bandra Kurla Complex.

“Luxurion World 2009 has invited buyers from Canada, South Korea, New Zealand, Belgrade, Riyadh, Japan & France through International Bodies like Indo Italian Chamber of Commerce, India China Chambers of Commerce, Korea Trade Investment Promotion Agency, Japan External Trade Organization and Indo French Chamber of Commerce & Industry.

The other bodies associated with the event are: World Trade Centre (WTC), Council of European Union Chamber of Commerce in India, Federation of Indian Exporters Organization (FIEO), Indian Merchants’ Chamber (IMC), The Film & Television Producers Guild of India Ltd, and Fashion & Design Promotion Council of India (FDPC), MultiNet Services Pvt. Ltd.