Luxury brands are expected to see more growth in India, the latest data from India’s consumer research agency said on Wednesday.
Key points:Villas in the US, Australia, France, Britain and Germany have seen a significant rise in luxury brands over the past few yearsIn India, luxury brands are still a niche market, it saidThe rise in sales in the Indian market is also attributed to the rise in demand for luxury goodsThe report also said luxury brands were still a very niche market.
The report from consumer research firm IIFL said luxury goods and products had a growth rate of about 9% over the last two years in India.
India was the second-largest market for luxury brands, behind China, where they sold 6.8% of the market.
The country’s second-biggest market, South Korea, saw sales rise by 11%.
In India the luxury brands have a growth of about 8% year-on-year, according to IIFL.
In France, sales increased by 4.3%.
In the UK, luxury goods sales grew by 9.4%.
In Germany, luxury sales grew 10.5%.
In France, luxury products sales grew 13.5% year on year.