NEW DELHI : With increasing brand awareness amongst the Indian youth and purchasing power of the upper class in tier II and III cities, Indian consumer spending is expected to grow four times to $4.2 trillion by 2017, according to Assocham-Yes Bank joint report released here on Wednesday. Indian luxury market is estimated to be worth $18 billion by 2017 from the current level of $14 billion with unprecedented growth in luxury categories including fashion, automobiles and fine dining.
Globally too, consumer spending is on a rise, expected to reach $40 trillion by 2020 with an unprecedented growth of $12 trillion in a decade, says the report. Indians consumer spending is expected to grow four times to $4.2 trillion by 2017, driven by increasing income and aspirations. Indian Luxury market is poised to expand three fold in next three years and the number of millionaires expected to multiply three times in another five years, said D S Rawat, secretary general, Assocham.
