According to a study by Assocham, India's premier apex chamber, revealed that the Indian luxury market saw a growth in 2013 on y-o-y basis, unaffected by the economic slowdown of 2013, reports say. The luxury market rose 30 percent to $8.5 billion in 2013 from $6.5 billion in 2012, reports suggest.

Consumer spending on high-end products and services included exotic holidays, jewellery, luxury cars, fine dining in five star hotels.

The trade body noted that the high-end segment is non price –elastic and with the rise in the demographic profile of people and inducing growth in the market. Assocham expects 2014 to be a growth year for the luxury market, reports say.