This follows a slack in year-on-year (y-o-y) growth from around 20 per cent in 2010, when the industry was pegged at $5.74 billion, which subsequently dipped to 16 per cent in 2011 ($6.68 billion) and 13.5 per cent in 2012 ($7.58 billion).
However, the worse seems to be over for the fledgling lux industry.
According to a joint study by market research firm IMRB and the Confederation of Indian Industry, the market is expected to effect a turnaround, growing by 14 per cent in 2013 ($8.65 billion), and cross the $10-billion mark in 2014, with a 17 per cent y-o-y growth.
Driving the revival is new breed of luxury consumers -- largely self-employed professionals such as doctors, dentists, architects, designers, and mid-to-senior corporate professionals, first-gen entrepreneurs, and youngsters from wealthy business families.
This has been aided by availability of an expanded
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