LUXURY CONNECT BUSINESS SCHOOLWEDNESDAY, JUNE 1 , 2016
In 2016 - we can expect developments that will change the complexion of the luxury industry. As per a recent report by AT. Kearney, a global management consulting firm, the world luxury market is expected to hit 518.6 billion by the end of 2016 from the current 514.7 billion. The report also anticipated that a quarter of the luxury market will be shared by India and China by then. This seems to be close reality as number of millionaires is rising in India and Luxury is entering Tier 2 and 3 cities. According to Euromonitor International, the luxury product categories that have recorded considerable growth are luxury jewelry and timepieces, luxury writing instruments/stationery; super premium beauty,' personal care, luxury electronic gadgets and luxury tobacco. "India's luxury goods market is one the fastest growing in Asia-Pacific, driven by rising disposable income and growing affinity towards luxury brands", said Mr. Rena Kapoor, President, ASSOCHAM and MD & CEO, Yes bank.