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 hundreds of dollars 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.
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.