India's Growing Luxury Market
💰 Luxury Sales Surge in India! 📈
The rich are getting richer, and it’s driving the luxury real estate and luxury fashion markets to new heights in India.
🚀 According to a report by Knight Frank, sales of luxury homes in India’s top eight cities have seen a remarkable surge last year
✨ Here are some Key Highlights:
By Abhiraj Ganguli, Editor at LinkedIn News
1. Sales of luxury homes in India’s top eight cities have risen in the first half of 2023.
2. Residential units priced above ₹1 crore accounted for 30% of overall sales.
3. Luxury housing market grew by 17% YoY.
4. Mid-segment homes in the ₹50 lakhs to ₹1 crore range also saw increased sales.
5. Affordable housing sales fell sharply
💎 Why the Surge?
• Investors are returning to high-end luxury real estate segments.
• Homebuyers in mid and premium segments driving momentum.
📍 Power of Location:
1. Major cities like Mumbai, Delhi, and Bengaluru are highly sought-after for luxury real estate.
2. Prime locations command premium prices due to proximity to financial centers and upscale amenities.
3. Emerging destinations like Goa, Pune, and Chandigarh gaining prominence.
✨💍 Evolving Jewelry Trends:
The way Indians consume jewelry has undergone significant changes. Today, it’s about investing in beautifully crafted modern heirlooms that can be used repeatedly.
Some key insights include:
1. Shift from hoarding money and savings to investing wisely in authentic craft.
2. Preference for pieces that are wearable and not overly precious.
Know more about Luxury Market Trends in India, here.
✨👗Fashion Forward:
Luxury fashion is another aspect shaping India’s changing landscape. Renowned designer Sabyasachi Mukherjee believes that:
India will change the game for luxury as it becomes both a front-end and back-end consumer market.
Notable points include:
1. Integration of old and new, combining the virtues of the past with contemporary design.
2. Nostalgia plays a crucial role in bringing important cultural elements into the present.
✨🤝 Strong Business Relationships:
Partnerships are key to driving growth in luxury industries.
While Sabyasachi Mukherjee has joined forces with the Aditya Birla Group, it’s important to note that collaborations between international brands and India are flourishing.
India’s potential lies in its billion young individuals who will be future luxury buyers.
Written by - Saurabh
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