This article discusses the luxury sector in India, which is expanding rapidly with the market forecast to grow to $100 billion from its current $7 billion in just eight years.
The country’s luxury travel market has projected annual growth rate of 12.8% between 2015 and 2025, a much faster rate than overall travel in India, which is forecast to increase just 7.5% in the same time period.
Around 3.6million Indians currently take a luxury trip abroad each year, predicted by MasterCard to rise by 8.6% a year, both to nearby countries such as Dubai as well as longer-haul destinations such as Sweden. They tend to book direct and with well-known luxury hotel brands, but seek deals, discounts and offers, but expect the luxury experience to begin the moment they leave their front door and to continue until they return there.
India is expected to welcome 9.5 million international tourist arrivals in 2017, according to the WTTC’s 2017 India report, expected to almost double to 17.2 million over the next decade.
A shortage of luxury accommodations and options in India keep some visitors away, especially from the US, along with the wrong assumption that that India will be a cheap trip.