Asia’s third largest economy growing at a rate of 7 percent and home to over 200,000 millionaires, India is one of the toughest luxury markets in the world. The writer of this article discusses about the challenges of the luxury market in India:
Asia’s third largest economy growing at a rate of 7 percent and home to over 200,000 millionaires, India is one of the toughest luxury markets in the world. In my view, the lack of suitable luxury retail spaces and the restrictions on direct foreign investment are the two most important factors which are hindering the development of India’s luxury market. India’s largest cities lack suitable street retail locations and creating shopping streets with an appropriate environment, in terms of neighbourhood, cleanliness and security is a fantasy which will never become reality, at least not in the next decade.
(Source: cpp-luxury.com)