India's growing prosperity opens up a new market for luxury-goods firms

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Issue:

Business

 

Written by:

Victoria H

 

Date added:

December 22, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

6 / 1548

 

Was viewed:

9910 times

 

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Only a tiny fraction, of course, will do so. But it is India's future prospects that have excited the luxury behemoths. India has fewer than 100,000 dollar millionaires among its one billion-plus population, according to American Express, a financial-services firm. It predicts that this number will grow by 12...
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The longer-term ascendance of India's middle class, meanwhile, has been charted by the McKinsey Global Institute, which predicts that average incomes will have tripled by 2025, lifting nearly 300m Indians out of poverty and causing the middle class to grow more than tenfold, to 583m. Demand for all kinds of consumer products is about to surge, in short...
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