//India's luxury goods consumption one of the highest in world

India's luxury goods consumption one of the highest in world

KOLKATA: India has more consumers for luxury goods than the adult population of several countries. With over one million consumers in the segment, a number that is expected to treble by 2010, ‘The Knowledge Company’ has produced India Luxury Trends 2006, the country’s first study on the sector.

The comprehensive report aims to demystify India’s highly sophisticated, intelligent and complex luxury consumer and carries up-to-date information based on an extensive survey through 12 towns and cities across the country.

The company, an initiative of Technopak, one of India’s leading management consulting firms, has produced the report.

The company Associate Director, Mr Saloni Nangia, on Saturday said, it is the first report to analyse the boom in the Luxury space. It separates hype from reality and provides correct market estimations as opposed to ‘guesstimations’.

"The Indian luxury market is growing at a tremendous pace and a promising opportunity for real estate developers to develop shopping malls dedicated only to luxury brands, for Indian manufacturers to create new products and for entrepreneurs to create re tail chains and business addressing the very exclusive needs of this exclusive group of customers," he said.

Announcing the release of the report, company Chairman, Mr Arvind Singhal said, "The Knowledge Company provides cutting edge market and consumer research reports and trend updates for various consumer product categories such as food and beverages, fashio n and lifestyle, leisure and household goods and services, enabling real-time decision making."

"India luxury Trends 2006, which aims to provide information and knowledge on India’s growing luxury market, is the first of a series of such reports from the company. We expect luxury markets in other countries to find this report extremely useful when looking to enter the Indian market," he said. – UNI