India is the fastest-growing emerging market for luxury goods, according to some experts, but whether it can surpass China as the world's top luxury consumer is open for debate.
The country's luxury market will grow 86 percent in constant value terms between 2013 and 2018, according to a report from Euromonitor International earlier this year. Luxury markets in China, Malaysia and Indonesia are expected to grow 74, 62 and 59 percent, respectively, over the period.
Meanwhile, the total retail value of luxury goods in India is expected to increase 63 percent over the next four years compared with a 59 percent in China.
"India's luxury goods market has been growing by more than $255 million a year in absolute terms, considerably stronger than Singapore and Australia," said Fflur Roberts, head of luxury goods at Euromonitor.