Luxury sales to cross $10 billion helped by 'closet consumers'

NEW DELHI: India's nascent luxury market is set to accelerate next year, crossing the $10-billion mark, boosted by a new breed of wealthy "closet" consumers whose spending power is increasing, a report released Tuesday said. Luxury sales will climb by an annual 17 per cent in 2014 to top the $10-billion mark, up from estimated 14 per cent growth in 2013, market researchers IMRB and the Confederation of Indian Industry projected. India's consumer base has been enlarged by "a substantial new class of wealthy" who have joined the ranks of the traditionally rich, said the report, released at a luxury conference in New Delhi. India's sharp...