The trend: As sales slow in the US and China faces an uncertain path to recovery, more retailers are turning to India for growth.
Money to spend: India holds particular appeal for luxury brands. Luxury spending by Indian consumers is expected to grow swiftly, from less than €8 billion ($8.41 billion) in 2022 to between €25 billion and €30 billion ($26.29 billion to $31.54 billion) by 2030, per Bain & Company data cited by Business of Fashion.
The opportunity: We expect India to be the fastest-growing retail market this year, with retail sales increasing by 11.0% to $1.386 trillion.
The big picture: While many retailers share L’Oréal CEO Nicolas Hieronimus’ view that India “will never…look like China,” it is now the most populous country in the world, with a growing pool of affluent consumers.
This article originally appeared in Insider Intelligence's Retail & Ecommerce Briefing—a daily recap of top stories reshaping the retail industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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