The Knowledge to Decide

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

Right now, five out of the world’s top 10 travel destinations are cities in the Asia Pacific. But it is widely acknowledged that the region punches well below its weight in tourism, which is why there is plenty of room for growth. How will Asia’s tourism industry evolve? Travel sector looks upbeat for Asia-Pacific region? According to a study conducted in 2013, the year was good for international tourism and strongest for destinations in the Asia Pacific region – Asia saw six per cent growth. Moreover, the number of international tourists increased by 14 million to reach 248 million. South-East Asia (as a sub-region of the Asia-Pacific) registered a 10 per cent increase. China emerged with a record number of international tourist arrivals in 2013, at 55.69 million. Asia’s tourism industry employs 65 million people and supports one in 12 jobs – exceeding industries such as financial services. Needless to say, this growth also led to the generation of 1 million new jobs a

The global luxury industry is in a slowdown, thanks to China’s weakening economy, instability in the Middle East and decreased tourism in Europe – meaning only 1 percent year-on-year real growth in May 2016. But the face of luxury consumerism is changing as upstart brands show the way in terms of innovation and versatility. Diamond Foundry – a start-up based in San Francisco – creates lab-grown diamonds that are atomically similar to those found in nature. Tech CEOS and actors from Hollywood have invested in the company. This start-up aims to provide an ethical alternative to mining diamonds, an industry that is often associated with negative environmental and social impacts. Will innovation enable the luxury goods industry to adapt to a leaner economy? https://www.spireresearch.com/newsroom/spirethoughts/the-future-of-luxury-consumerism/

The Dubai-based, ABV Group – a chain of luxury hospitals – has set its sights to establish luxury hospitals in India. These hospitals would offer personalized care and transportation in Rolls Royce for its patients – catering to the rich. . With just 50 suites and no option of shared rooms within a hospital, the promise of a crowd-free environment is quite alluring. Away from the glorified government hospitals norm, there will be no mixing between patients or long queues. Such initiatives aim to attract more medical tourists to the country as well as generate finances to drive charity initiatives. With approximately USD80 million in investments to execute this vision, the first luxury hospital will be operational in Mumbai by early 2017, followed by another in New Delhi. How will the rise of luxury hospitals change healthcare industry in India? https://www.spireresearch.com/newsroom/spirethoughts/india-to-witness-hospital-treatment-in-style/