The Oberoi Udaivillas
The luxury sector is expanding rapidly in India with the market forecast to grow from its current $7 billion to $100 billion in just eight years, India?s Commerce and Industry Minister Normal Sitharaman noted at the Luxury Symposium 2017 in New Delhi.
There she emphasized that stakeholders in the growing luxury market, travel and otherwise, should be making sure that local businesses benefit from the growth. She encouraged the industry to discover and promote artisanal products made throughout India.
The same can be said for travel providers as luxury travel is part of this growing market.
India?s luxury travel market has projected annual growth rate of 12.8 percent between 2015 and 2025, according to analysis from Amadeus. This is the highest growth of any of the 25 economies studied. Luxury travel is growing at a much faster rate than overall travel in India, which is forecast to increase just 7.5 percent in the same time period. As a result, travel providers are asking themselves how they can best foster and be involved in the growth of the luxury sector in and out of India.
An estimated 3.6 million Indians currently take a luxury trip abroad each year, however, that could increase as much as 8.6 percent a year, according to MasterCard.
Their arrivals are quickly growing in both nearby countries such as Dubai as well as longer-haul destinations such as Sweden.
?What you see with the luxury Indian travel market is that people still make their o...