2023 was a record year for Indias luxury market. The affluent population in India is expanding rapidly, with the number of high net worth individuals (HNIs) expected to reach 16.5 lakh by 2027, up from 7.9 lakh in 2022. Similarly, the number of ultra-high net worth individuals (UHNIs) could surpass 19,000 by 2027, compared to about 12,000 in 2022, as per Bain s estimates.
Swatch warns clock s ticking over consumer spending in China euronews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from euronews.com Daily Mail and Mail on Sunday newspapers.
Fears of a slowdown in luxury spending among Chinese consumers have been growing for some time, and recent events have underscored this concern. Kering SA, the parent co of Gucci, experienced a significant decline in its market value following a warning about slumping sales of Gucci products in China.
Its parent company saw US$9 billion wiped off its market value after warning that Gucci's China sale have slumped this quarter. Read more at straitstimes.com.