03 November2022, Mumbai:
For a tropical nation like India Winter is a happy time for bundling up in warm clothes/woolen and enjoying the festivities and needless to say fat wedding season.
The Indian winter wears scenario through the years has undergone a considerable transformation in recent years, with a paradigm shift against the backdrop of climate change when 'Shifting Seasons' is for real, a shift from conventional hand-woven fabrics let us say to more contemporary, fashionable, vibrant and comfortable materials is palpably evident.
VIBRANT WINTER
The season offers an array of 'Popular winter wear items' entailing woolen jackets, sweaters, shawls, mufflers, thermal innerwear, and so forth. A nation where Brands get an immense marketing opportunity value offering winter wear product-line with innovative & imaginative designs, sustainable apparel, vibrant colors, and eco-friendly materials such as natural fibers e,g. bamboo and organic cotton etc.
Moreover, what is interesting is emerging megatrends such as the rising trend of athleisure, sports-inspired winter wear has become popular among the millenniums & youth alike. It does not surprise many that, traditional handloom winter wear, such as Pashmina shawls and Himachali caps, still has a robust demand tailwind, especially in consumers genre who value & care for cultural lineage/heritage and authenticity.
No brainer, when the article profoundly states that, the Indian winter wear scenario is a harmonic blend of conventional and modernity, catering to the diverse needs and preferences of evolving discernible consumers of the day.
Growth curve
The global Winter Wear Market is projected to clock growth at a CAGR of Around 5.0% through 2031, whereas woolen winter wear goods are predicted to grow at a CAGR of 4% and, going way beyond its valuation of US$ 280.0 Bn dating back to the year 2020. In North America, the U.S. is anticipated to have a significant value share of 83.0%"
Interestingly the prospects of the winter apparel/clothing industry are quite incidental and attributable to the climate change currently underway.
The segment is undergoing fundamental changes regard to how technology is applied, accentuating the visual appeal, enhancing the quality and efficiency, and augmenting the perceived value imparted beyond meeting the need to overcome warmer and record-breaking winter temperatures in parts of the world. So much so that the sales and growth prospects are in direct proportion to the falling temperatures.
A good case is, for example, Gap Inc., which launched the “Hill City” menswear brand way back in 2018 meeting the desire and need of a suitable product with requisite attributes of combining hi-technical fabrications, style, and hi-performance for discerning users through these winter months any and everywhere.
Another example is retail brands like UNIQLO's down variety smart technology 'HEATTECH' coming in with an effective product design and development curated to beat harsh winter conditions.
Premiumisation
As the brand consciousness grows within the discerning global citizens to cushion in the recessionary environment the impact of fluctuation/the volatility of elevated cost pressure/raw material prices suppressing volume growth, satiate and vet the appetite for rising aspirational/premium brands producing brands are seen to be consciously putting their efforts on premiumizing their present winter wear brands' offerings.
How far will it go
The versatility of winter wear could be gauged by imaginative youth opportunistically putting this genre of clothing to use cases like recreational activities viz. hiking, fishing, snow skating, and winter sports, and expecting the unexpected out of branded winter wear apparel.
Industry data points clearly reflect that "In the countries like the US, winter recreational activities opportunity is massive earning economy several billions of dollars annually given the country’s cultural legacy, winter sports' popularity the category enjoys.
Marketing for Winter wear
What gets this category started is the immense fashionable opportunity this merchandise can offer to engage with customers directly involving celebrity endorsement, product premiumization, intriguing marketing campaigns, eye-popping events, and hi-decibel good-to-go digital intrusion.
Notably, conventionally winter wear merchandise is retailed/sold through retail and online channels.
And guess what! The accelerated e-commerce business remains a fundamental demand tailwind Post-COVID 19 and doesn't surprise any.
It is pertinent to mention here that high-value/high-margin merchandise will continue to take prominence in this category such as Jackets, suits, etc.
Some of the marquee global brands & retailers dominating the segment mind space/market size are Nike Inc., Aero Group, Fenix Outdoor Group, Wintergreen Northern Wear, Helly Hansen Company, Forever 21, Inc., J.Crew Group, Inc., American Multinational Corporation Gap Inc., Zara SA, Patagonia, Inc., Columbia Sportswear Company, Gap Inc., VF Corporation and counting.
Indian Perspective
The humble beginnings of winter apparel in India as a functional sector have seen significant growth.
An inevitable transition from need-based to aspiration-based apparel/clothing manifested in the last few years as the modern consumer base's financial stability and purchasing power started to pick up speed. This revealed the true potential of the Indian winter wear industry to the fashion retail fraternity.
The winter apparel market in India has seen significant growth over the last 10 years due to various factors, including more significant disposable income, increased fashion awareness, and increased media penetration. "Social media and advertising have significantly changed both the market and the customer.
(CREDITS: Future Market Insights report)
