18 August 2022, Mumbai:
Preview
With customers buying clothing, footwear, and accessories in more significant numbers than anticipated in advance of a lengthy list of festivals beginning with Dasara and finishing with the wedding season, fashion businesses have many reasons to rejoice this holiday season. Sales and bill sizes for retailers' holiday collections have increased by 15% to 20% thus far this season.
According to one KPMG report," Empowered consumers, digital disruption, rising costs and shifts in purchasing behavior are challenging today's consumer and retail businesses. Festive Success But Head Winds for 2022".
Despite the general downturn, marketers have made a concerted effort to pack a punch to maintain holiday spending. Marketers have been working hard to charm their customers around festivity and festival by offering value-based freebies like dinners, movie tickets, or beauty services and maximizing in-store discounts and loyalty club advantages. According to early studies, consumers are savoring attention.
An additional benefit is that the holiday season began earlier this year, in October than last year. Retailers with a national presence report a noticeable increase in sales at their locations in the East and South, where Dasara is enthusiastically observed.
According to Vinay Bhopatkar, Brand Head at Van Heusen, early signs of the holiday shopping season in Kerala and the East show higher expenditure, particularly on clothing and accessories. We predict this pattern will hold throughout India over the future holiday seasons. Additionally, to encourage consumer foot traffic during the season, they have solid marketing activities in place, Bhopatkar continues.
Due to increased shopping before the local pujas, Max Retail reports that their same-store sales in the East surged by an astounding 80% on their holiday assortment. We have noticed a rise in shopping since Onam.
According to one KPMG report," Uncertain outlook for 2022 if consumer confidence falls, as costs continue to climb for the retail sector".
We are witnessing a more informed and discriminating customer. They don't want expensive goods, but they aren't prepared to forgo the newest fashions, according to Vasanth Kumar, executive director of Max Retail.
Festival awakenings
Special days called celebrations are observed all across the world. Every culture has a unique holiday collection that reflects its long-standing rituals and traditions. Celebrations significantly impact the fashion business in terms of attire, theme decorations, and a variety of other aspects.
Celebrations have an impact all year long, but they are particularly noticeable during festival seasons when activity levels are higher than usual. Most individuals dress for the festivals, whether they are religious or cultural. Depending on the type of event, several types of clothing can be worn, such as long gowns for weddings and shorts, a genuine chrome hearts sweatshirt, and jeans for a nightclub party. This demonstrates how strongly festivities affect the fashion world.
Festival clothes
As fashion tastes shift, casual ethnic dress has become the favored choice as time passes. Ethnic clothing, including salwar-kameez, kurtas, palazzos, dhoti pants, and sharara suits, became trendy during these periods. These modern styles may be purchased at in-store and online shops that provide great shopping deals and attractive trends.
Shopping during festivals is fun for everyone since there are tonnes of the newest clothes for both men and women. It's also time for fashion designers to display their artistic talents via their festival collections.
They provide apparel that is both stylish and comfortable. It may be a runway collection displayed at a fashion show or exhibits, and stores open only during festival time.
IN SHORT
Consumer buying habits alter throughout the festival season. Due to increasing investment in the textile industry, consumers are more inclined to purchase celebratory clothing. Urbanization is one factor that affects consumer buying behavior.
Every year, a rising graph showing increased sales over the holidays is seen in the fashion business. As per one KPMG report," Pent up demand, especially for new clothes, has so far been at significant enough levels to keep the overall retail sector in relatively good health".
Additionally, everything is now clear because of the internet's accessibility to information, which has significantly contributed to consumer behavior changes.
One of the other elements influencing the evolution of the fashion industry is the availability of reasonably priced clothing for online purchasing.
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