Posted 12/4/2023, 5:11:19 PM
India's Luxury Market Faces Obstacles and Opportunities on Path to Growth
- Bureaucracy, high customs duties, and lack of luxury infrastructure are obstacles for luxury brands in India
- India's cultural heritage, growing economy, and smartphone penetration can drive luxury market
- New regulations may increase costs without benefiting consumers or luxury development
- Launch of new luxury malls addresses infrastructure issues, but more adaptation is needed
- India's luxury market has unique appreciation of luxury rooted in history and culture