India's fashion frenzy, consumption set to double by 2034: Study
A recent report by Angel One and Iconic Asset projects doubling of India's overall consumption by 2034, with the fashion and apparel sector expected to be a significant growth driver. This rise is due to a potent mix of demographic shifts, rising disposable incomes, and evolving style preferences, transforming India into a global fashion powerhouse.
The fabric of growth
Gen Z's style revolution: India's Gen Z population is at the forefront of the fashion revolution. Their growing disposable incomes and strong brand consciousness are driving demand for trendy apparel and accessories. Social media and digital platforms heavily influence their fashion choices, creating a culture of rapid trend adoption.
The rise of branded apparel: As disposable incomes rise, consumers are shifting towards branded apparel, seeking quality and style. The entry of international brands and growth of domestic labels is increasing consumer choices and creating a competitive market. Fashion marketing executives say, the rising middle class in India is becoming increasingly brand conscious, and they are willing to spend more on quality apparel. This has created a huge opportunity for both domestic and international brands. A case study within the report highlights the success of a domestic Indian brand that has utilized social media marketing, and influencer partnerships to generate massive sales, and brand awareness within the Gen Z demographic.
E-commerce's fashion frontier: E-commerce platforms are democratizing fashion, making it accessible to consumers across urban and rural India. Online retail is fostering a culture of convenience and choice, driving sales of apparel and accessories. As a fashion retail analyst puts it, the digital revolution has transformed the fashion landscape in India. Social media influencers and online platforms are shaping consumer preferences and driving rapid trend cycles.
The urban chic trend: Rapid urbanization is leading to a greater awareness of global fashion trends, with consumers seeking stylish and contemporary apparel. What’s more, nuclear families, and the increase of working women are also increasing the demand for fashionable and work appropriate clothing.
The growth of the Indian textile industry: The growing Indian textile industry is allowing greater domestic production of garments, and materials thereby increasing the availability of clothing, and potential for greater exports.
Thus the report reveals the Indian fashion and apparel sector is ready for explosive growth, with demographic, economic, and technological factors at play. Businesses that can adapt to the evolving tastes of consumers, embrace e-commerce, and prioritize sustainability will be well-positioned to capitalize on this burgeoning market.
