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COVID-19 weakens consumer spending sentiment for apparels: survey

  

According to a consumer sentiment survey report by Facebook and Boston Consulting Group (BCG), apparel has witnessed weaker consumer spending sentiment in India due to the financial uncertainty amid COVID-19.

The report, titled ‘Turn the Tide’, noted that as consumers are not stepping out of their homes, their demand for clothes is likely to decline. Income uncertainty and re-calibration of consumer priorities will also lead to weaker demand in discretionary categories like apparel. Forty per cent respondents expected discounts and promotions while shopping for apparels though their demand for functional clothes is expected to rise significantly.

Digital influence in apparel sales is expected to increase by 60-65 per cent with 40 per cent consumers planning to increase online spending on apparels. India will also see an increase in demand for active wear and athleisure. Four-firths of Indian consumers are unwilling to go out of their homes, except for work, affecting the social occasion clothing requirement.

During 2015-2019, the apparel industry in India grew at a compounded annual growth rate (CAGR) of 13 per cent, with 90 per cent of sales being driven via the unorganized sector. Sixty seven per cent of shopping was done through modern trade channels, as compared to just 7 per cent via online channels. Although small, the online channel is growing fast, and it grew at a CAGR of 34 per cent from 2015 to 2019.

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