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India: Are Indian consumers living the ‘luxe’ life?

What do you do if you are an Indian who fancies a Gucci bag or eyes those red Jimmy Choo shoes? A trip abroad is not necessary when all these luxury brands are now accessible in India. Now that luxury spending in China and Japan is slowing down, big brands are eyeing the Indian luxury market, which continued to grow at 30 per cent in 2013 to reach USD8.5 billion. It is expected to hit USD14 billion by 2016. Is this just a fad or will India’s luxury sector continue to power ahead? India – The next hub for luxury? India accounts for close to one per cent of the global luxury market. India’s luxury market is far from insignificant. According to one report, it was worth USD7.6 billion in 2012 . This contrasts with a figure of USD 18.7 billion for China (from a different source), and a global market of USD 1.1 trillion for luxury goods and services. India accounts for close to one per cent of the global luxury market. Luxury sales are currently seeing a slow-down in China