India's luxury market will surpass $12 bn by 2028. Its active luxury consumer base is estimated at 20 mn, with millennials and Gen Z accounting for almost half. India's broader affluent population is poised to approach 100 mn. Diwali is, indeed, waiting with bated breath.
Notably, only 43% of luxury consumers live in Mumbai, Delhi, Hyderabad, Pune, Chennai, Kolkata and Ahmedabad. Over 50% of revenues at Tata CLiQ Luxury and AJIO Luxe reportedly originate from non-metro PIN codes. More than 70% of luxury purchase research is conducted on smartphones before a transaction decision.
