It’s not just the new wealthy in China that is enjoying a life of luxury. Its neighbor India is also showing that it has a taste for the good life as well.
The luxury market in India is grew 20 percent to 5.8 billion in 2010 and this growth is expected to continue into the near future, according to a survey by the Confederation of India Industry and A.T. Kearney Ltd. Luxury products grew by 29 percent, services 22 percent and luxury assets rose by 13 percent.
Luxury jewelry, electronics, cars and fine dining have grown beyond expectations, while apparel, accessories, wines and spirits have continued their strong growth, according to the report.
Meanwhile, Indians also are one of the youngest among Asia’s wealthy, with an average age of just 39, after China at 36 and Indonesia at 38 years. Of those, 75 percent are married with kids, 13 percent are married with no children, and 12 percent are single, according to the latest HSBC Affluent Asian Tracker.