The Indian luxury market is evolving more rapidly than most of us had foreseen. The luxury market witnessed robust growth of 20% over the past year and is estimated to have reached USD 5.75 billion in 2010, in line with our 5 year projections. Luxury products have grown the fastest at 29% to reach a size of USD 2.05 billion, well above expectations of 23%. Services have grown at 22% to reach USD 0.95 billion and assets have grown at 13% to reach USD 2.75 billion.
This study serves as a quick refresher of the state of the luxury market in India and captures the key trends in the luxury market over the past year including revalidating projections for the years ahead.