India's Luxury Market Forecast To Reach $18.3 Billion In Value By 2016, Study Reveals

India’s luxury market is forecast to expand at a CAGR of 25 percent to reach $18.3 billion in 2016 from the current $14.7 billion, according to the industry group ASSOCHAM. Data revealed several markets, including hotels and fine dining, electronic gadgets, luxury personal care, and jewelry posted strong growth in 2015 and are forecast to grow 30–35 percent in the next three years. Growth is expected to be driven by increasing brand awareness among the country’s young consumers and the rising purchasing power of upper-class consumers in the country’s tiers II and III cities.