India is expected to be the fastest-growing retail market this year, with retail sales increasing by 11.0% to $1.386 trillion. A swift growth in luxury spending, from less than €8 billion in 2022 to between €25 billion and €30 billion by 2030 is being fuelled by India's growing millionaire class and a rising upper-middle-class, according to Bain & Company.

As sales slow in the US and China faces an uncertain path to recovery, international brands and retailers are turning to India for growth. The opportunity has attracted a wide range of international brands, all looking to expand their footprint in the country. For some brands setting up shop in India could help offset declining revenues in other markets.

However, brands and retailers must tailor their approach to the preferences and expectations of local shoppers, such as optimizing for mobile commerce, which accounts for 82.1% of India's ecommerce sales.

With India's growing population of affluent consumers, brands and retailers view it as a key area of investment, especially as growth in other parts of the world slows.