E-commerce has also contributed to the country’s luxury boom. Amit Pande, brand head of—an Indian online retailer that carries over 80 luxury brands—says the accessibility of online shopping has contributed to the growing demand from wealthy Indian consumers.
“Today, affluence comes about with a certain confidence about the future. Many Indians today want to claim a better quality of life, and rightly so,” Pande told . “This mindset will fuel the demand for premium and higher quality products and experiences in the near future.” It also doesn’t hurt that the number of wealthy Indians has grown substantially over the last decade. There has been an 11 percent increase in people with incomes above $30 million since 2011. That number is expected to climb to 39 percent by 2026.
With numbers like that, it will be no surprise if India becomes a powerful force in the luxury sector over the next decade.