After the second wave of COVID-19 hit India in the first half of 2021, the pandemic was believed to be under control due to a rise in vaccination rates. Although the country experienced a third wave in early 2022 as a result of the Omicron variant of COVID-19 emerging, its impact was not prolonged.
Luxury goods in India continues to make good progress in 2022 in line with improving consumer sentiment and pent-up demand. This is resulting in the emergence of several trends.
The competitive landscape in luxury goods is mainly led by premium and luxury car manufacturers. Out of the leading five players in luxury goods, four are car manufacturers; Mercedes Benz India, BMW India Pvt Ltd, Jaguar Land Rover India Ltd and Audi India Pvt Ltd.
Prior to the pandemic, retailers were highly focused on their existing distribution channels where they enjoyed strong revenue. Luxury goods players focused on opening stores largely in upscale shopping centres in urban centres as they wanted their consumers to have a memorable shopping experience.
The pandemic is projected to completely stabilise in India over the forecast period as vaccination rates increase, resulting in falling COVID-19 cases. As per government statistics, 40% of the Indian population was fully vaccinated by December 2021.
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Understand the latest market trends and future growth opportunities for the Luxury Goods industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
Data and analysis in this report provides further detailed coverage dedicated to the following key categories, where applicable:
If you're in the Luxury Goods industry in India, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Luxury Goods
This is an aggregation of: Personal Luxury, Fine Wines/Champagne and Spirits, Luxury Cars and Experiential Luxury.
See All of Our DefinitionsThis report originates from Passport, our Luxury Goods research and analysis database.
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