According to a survey on luxury and upscale brands, around 1.6 million Indian households spend Rs4 lakhs on expensive brands.
These families have annual income of over $100,000.
However, presently around a fifth of those 1.6 million households are oriented towards global luxury brands, according to a management consulting firm KSA Technopak from India.
Indian luxury brands offer market opportunity of about Rs64000 crore that include jewellery, apparel, fragrances, footwear, accessories etc.
These families may have the ability to buy, but do not tend to spend higher amount for a luxury brand.
Absence of retail outside premium hotels also hampers growth of luxury brands in India, the reports infers.
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