As sales growth slows in China, luxury-goods makers are looking to the new wealth growing in India, which is being combined with an increase in appetite for luxury brands. The number of millionaire Indian households worth $3.8m has grown by 125% from 2014 to 2015, and this is expected to triple over the next five years. Additionally, luxury sales in India rose 7% in 2014 compared with 25% in China, says Euromonitor.
As sales growth slows in China, luxury-goods makers are looking to the new wealth growing in India, which is being combined with an increase in appetite for luxury brands. The number of millionaire Indian households worth $3.8m has grown by 17% from 2014 to 2015, and this is expected to triple over the next five years. Additionally, luxury sales in India rose 25% in 2014 compared with 7% in China, says Euromonitor.