03 January 2023, Mumbai
The winter wear market is estimated to be worth Rs. 13,920 crore (as of 2013), and by 2023, it is anticipated to expand by 9% to Rs. 32,000 crore. More information on the winter wear market is provided by Amit Gugnani, SVP - Fashion (Textile & Apparel), and Kanti Prakash Brahma, Principal Consultant, Fashion, Technopak. India's Textile and Apparel (T&A) industry is currently valued at US$ 99 billion and is anticipated to reach US$ 237 billion by 2023, representing a CAGR of 9%. India was the second-largest exporter of T&A after China, with T&A exports totaling $40 billion.
Market pie
The domestic T&A market in India is thought to be about US$ 59 billion, with textiles and apparel accounting for 31% and 69% of that total. Due to demand factors such rising income levels, accelerating urbanization, and increased purchasing power, the industry is anticipated to experience rapid growth. The domestic textile and clothing market is predicted to grow by 9% by 2023, reaching a value of US$ 142 billion, with textiles and apparel set to contribute US$ 101 billion and US$ 40 billion, respectively.
Trade dynamics
Menswear, womenswear, boyswear, and girlswear are the four main categories into which the Indian clothing market is divided. Menswear currently accounts for the highest share of the garment market, with a 43 percent share, closely followed by womenswear (37%), menswear (10%), and girlswear (9%). By 2023, it's anticipated that womenswear will surpass menswear in terms of size.
Seasonality
Consumers have developed a demand for seasonal apparel and event gowns as a result of ongoing lifestyle changes brought on by rising globalization, industrialization, and purchasing power. One of these seasonal categories, winter wear, had an estimated 2013 market value of Rs. 13,920 crore and is predicted to expand by 9% by 2023 to reach Rs. 32,000 crore.
The four winter months of October through January, when there are also many festivals and weddings, are typically the times when winter clothing sales are at their highest.
As a result, some holidays encourage increased shopping and bargains. As a result, the majority of brands offer their biggest discounts at this time: Diwali sales, Christmas and New Year's discounts, and end-of-season sales in January and February. Summer or general sale sales for the majority of brands equal their sales from the other eight months in these four.
Consumer preference and choice
With customers becoming more brand aware, they prefer to purchase branded winter clothing at the end-of-season sales, which typically offer steep discounts. Additionally, since the length of the season affects demand, manufacturers seek to sell off the season's inventory at a profit.
In order to draw in new customers who now buy non-branded winter clothing, players in the branded category typically aim to introduce new product lines for the next season.
Competitive landscape
Additionally, there is fierce competition among brands to attract a larger market share; as a result, they place a greater emphasis on cutting-edge and stylish products.
In addition, the unorganized sector is competing on price, which forces brands to focus on mid-premium product lines. In order to meet these challenges, gain an advantage over rival brands, and increase their market share within this expanding segment, brands must work on their strategies.
