Early winter onset revives spirits amongst Indian consumers

As per a recent Edelweiss report, though the second wave of pandemic dampened sentiments, an early onset of winter in many parts of the country along with the ongoing wedding season has helped revive spirits. As Lalit Agarwal, Chairman and Managing Director, V-Mart, said in conversation with Business Today, consumers are dressing up and celebrating occasions at their homes. The overall trend has been one of casualization, he adds.

Demand for athleisure and products such as socks and inner wear has also peaked, says the the Edelweiss report. Luxury brands such as Gucci focused on the athleisure segment with their hoodies and track pants through this year. The pandemic also pushed weddings to the later part of the year, which benefited jewelry brands. Titan registered a 15 per cent growth during the festive season, bunching up of weddings in November has also helped this.

However, industry demand remained muted with gold imports declining by 48 per cent YoY from April-October. Titan's jewellery segment declined 26 per cent in H1FY21. However, it posted 15 per cent growth post this period.