With the ranks of high net worth individuals in India and the world over swelling, the luxury industry is optimistic about the prospects of doing better business in 2014 amid a slowdown in overall demand and consumption.
A new survey by Wealth-X found that three-fourths of the global industry players are witnessing an increase in enquiries from the wealthy and uber-rich.
Sixty-four per cent of the luxury industry executives surveyed by the firm anticipated an increase in sales. Asia and North America were identified as the locations that are likely to achieve the fastest revenue growth across the industry.
The executives were almost unanimous on expectations of growth in the yacht and private aviation sectors and 55 per cent of them plan to start targeting ultra-rich individuals , mainly through events. The electronic survey conducted in January 2014 polled global senior executives from various luxury sub-sectors.