Forget about those days when women were considered as shopaholics. In today’s world, it’s not the women but men, who are always on shopping spree and holds a majority chunk in the Indian apparel market.
According to Indian Business of Fashion report 2018 released at India Fashion Forum, men hold 41.7 percent share of the Indian apparel market followed by women at 37.5 percent and kids wear at 20.8 percent respectively.
The day one of the event witnessed the release of the 15th edition of the India Business of Fashion report by Sarada M Muraleedharan, Director General of National Institute of Fashion Technology.
The fashion report was a collaborative effort of the Images Group, and WGSN, Technopak, NIFT, Wazir Advisors, Google, Frost & Sullivan, Eastman Textiles, View, Tukatech Inc, JLL India, Stylumia, Safex, Dream Theatre, RIL, Reliance Jewels, Thread Sol, Isobar, FRDC, Fabriclore, Mineral, Arvind, Woolmark, and several other fashion columnists.
Due to the recent changing consumer preferences and awareness for fitness, active wear in menswear has recently evolved as a significant category with high growth potential.
However, on compounded annual growth rate, women’s wear is marginally ahead at 7.6 percent compared to 7.4 percent for menswear.
The report stated that the kids wear section will demonstrate higher CAGR of 8.1 percent in the next decade, resulting in market share of 21.6 percent by 2027.
Apparel and accessories contributes approximately 8 percent of the total merchandise retail market of USD 710 billion, and is the second largest after food and grocery.
In the women’s section, ethnic wear is the single biggest category with a share of 71 percent dominated by sarees, salwar kameez among others. Saree has a market value of Rs 39,350 crore and 33 percent share in the market.
Inner wear is another promising category in women’s wear and growing at a CAGR of 11.8 percent. According to the report, the industry is expected to reach the size of Rs 56,364 crore by 2027 as against the current market size of Rs 18,454 crore.
Indian kids wear domain was estimated at Rs 66,904 crore accounting for 20.8 percent of total apparel market of the country in 2017.
Meanwhile, it is also expected to grow at CAGR of 8.1 percent, defeating both men and women’s wear, to reach Rs 1,45,445 crore by 2027, the report further stated.
