Living Luxury: Evolving Geographies of Wealth
Where is luxury’s next epicentre? As wealth growth accelerates globally, the sector is increasingly appealing to India’s burgeoning mass-affluents, the Gulf countries’ maturing luxury consumers, and Southeast Asia’s rising elite. Stylus surveys each region’s wealth landscape, exploring consumer preferences alongside the opportunities (and challenges) facing brands.
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). This represents a huge base of aspiring luxury consumers in 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). This represents a huge base of aspiring luxury consumers in 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). This represents a huge base of aspiring luxury consumers in 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 Gulf Cooperation Council countries (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates) are cementing their status as wealth hotspots. By 2028, the number of centi-millionaires living in Dubai, Abu Dhabi and Riyadh is expected to increase by 150% (Henley & Partners, 2024). Luxury brands are expanding their regional presence, focusing on markets including Doha and Riyadh. |
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. |
Living Luxury: Evolving Geographies of Wealth
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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.
We’d love to do the same for you.
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