Evolving Geographies of Wealth Update
Building on our 2023 report Evolving Geographies of Wealth, we spotlight three regions set to see supercharged wealth growth and luxury consumption in the years ahead. Get to know India’s burgeoning mass-affluent class, the Gulf countries’ maturing luxury sector and Southeast Asia’s rising elite.
India: A Rising Aspirational Class
The Gulf Countries: Disseminating Affluence
Southeast Asia: An Emergent Opportunity
Propelled by India’s fast-growing economy, 100 million of its population will be considered affluent by 2027, up from 60 million in 2023 (Goldman Sachs, 2024). These consumers are the focus for the luxury brands entering the world’s most populous country. But a significant wealth gap and shifting spending priorities could present challenges for the luxury sector’s growth.
Propelled by India’s fast-growing economy, 100 million of its population will be considered affluent by 2027, up from 60 million in 2023 (Goldman Sachs, 2024). These consumers are the focus for the luxury brands entering the world’s most populous country. But a significant wealth gap and shifting spending priorities could present challenges for the luxury sector’s growth.
Summary
India: A Rising Aspirational Class | Propelled by India’s fast-growing economy, 100 million of its population will be considered affluent by 2027, up from 60 million in 2023 (Goldman Sachs, 2024). These consumers are the focus for the luxury brands entering the world’s most populous country. But a significant wealth gap and shifting spending priorities could present challenges for the luxury sector’s growth. |
The Gulf Countries: Disseminating Affluence | The luxury goods market of the Gulf Cooperation Council (GCC) countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE) is expected to reach $13.7bn by 2028, up from $10.5bn in 2023 (Mordor Intelligence, 2023). To realise growth, luxury brands are expanding beyond Dubai (and the UAE) to reach consumers in less saturated markets, especially in Riyadh and Doha. |
Southeast Asia: An Emergent Opportunity | Southeast Asia is expected to gain 25 to 30 million high-net-worth individuals (with assets of at least $1m) by 2030 (Vogue Business, 2023). As wealth rises, residents are acquiring a taste for high-end products, services and property. Forward-thinking luxury brands are proactively increasing their regional presence, especially in markets like Vietnam, Thailand and the Philippines. |
Evolving Geographies of Wealth Update
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Offering access to over 350 consumer and cross-industry reports annually, Stylus Membership is your window to tomorrow’s most exciting opportunities.
We already arm more than 500 of the world’s most forward-thinking brands and agencies with the creative insights they need to make transformative business decisions.
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