Counterfeit goods, from handbags to headphones, are popular among aspirational consumers who can’t afford the real thing. But widespread fakes are having a negative impact on brands looking to sell in India. How do Indians perceive counterfeit goods, and why is the domestic market so huge?

India is now one of the 20 wealthiest countries in the world. As a result, the luxury market has been steadily growing as people start to splash their cash on high-end goods. Now, research suggests that Indians of different ages have contrasting drivers when shopping for luxury.

The Indian luxury industry has long been driven by those from affluent households in the country’s metropolises. But times are changing; the market is now being shaped by millionaire Gen Yers from smaller towns, and this shift is redefining what luxury means to the everyday Indian consumer.

Brits are spending like the recession never ended. But while the purse strings have tightened when it comes to necessities like groceries, products that promise aesthetic perfection are enjoying huge growth. Why do skint 20-somethings feel the need to look good when times are hard?