Global ethnic wear market projected to touch $177.2 bn by 2031
15 December 2023, Mumbai
A recent report by Allied Market Research on ethnic wear highlights the segment will grow globally at 7.2 percent per annum from 2022 to 2031. Starting at $89.3 billion in 2021, it's predicted to reach $177.2 billion by 2031. Ethnic wear encompasses clothes that represent a specific culture or country, showcasing their traditions and style.
Steadfast
Stepping into the limelight on a global scale is Indian ethnic wear, not only capturing the imagination of fashion enthusiasts in India but also leaving an indelible mark in places like Singapore, Australia, Cambodia, Indonesia, Thailand, Japan, and the Philippines. What fuels this cross-cultural fashion fascination?
Firstly, the global Indian diaspora proudly uses these unique ensembles as a canvas to paint their cultural identity. And let's not overlook the popularity of Bollywood, renowned for its extravagant display of ethnic wear, ranging from refined elegance to unabashed opulence.
Globalization is a big player in this, with social media, easy travel, the fashion industry seeking new ideas, and people moving around the world all playing a part. This isn't just about clothes; it's a celebration of diverse cultures, shared through the beautiful language of traditional clothing.
Indian ethnic wear is in pole position worldwide
The global appeal of Indian ethnic wear doesn't just come from its diverse clothing options but also from the adaptability of these garments, making them suitable for fusion styles that cater to different communities.
India's varied regions contribute to this allure with a rich array of fabrics, patterns, and sustainable artisan techniques, promoting inclusivity in production.
Beyond Bollywood's influence, the popularity of Indian festivals like Navratri and Diwali worldwide is exposing people from different backgrounds to the charm of Indian attire. Currently, India's ethnic wear outshines that of other nations, with the closest competition coming from Southeast Asian countries.
The recognition of luxury fashion brands sourcing handcrafted work from India further elevates its value.
Sanguine outlook
This growth presents an opportunity for ethnic wear brands, though expanding internationally comes with challenges. However, a strategic approach, adaptation to local tastes, a strong brand presence, and efficient distribution are key factors for success.
Building a robust brand identity and investing in effective marketing efforts are crucial. Additionally, paying attention to logistics, gathering customer feedback, and adapting accordingly play pivotal roles. Establishing networks and partnerships also contribute to gaining credibility in new markets.
Ethnic wear growth leaves out work wear
While ethnic wear faces some resistance in corporate settings, with vibrant colors and intricate patterns often deemed unconventional in mainstream offices—exceptions being in creative and digital domains—it poses a limitation on the breadth of wardrobe choices.
As professionals return to work, ethnic wear may find its place primarily in informal or celebratory settings, potentially impeding consistent growth in the predicted period.
Despite these challenges, market research from KBV suggests ethnic wear is on the rise, driven by the widespread adoption and accessibility of e-commerce platforms.
Transformative
The infusion of ethnic styles by emerging fashion designers, coupled with the surging popularity of ethnic fashion among millennials, has led to a transformative shift in the dynamics of the global ethnic wear market.
The support from social media and the booming e-commerce landscape has played a crucial role in this evolution, providing a platform for diverse ethnic fashion brands to reach and resonate with consumers worldwide.
As a result, the traditional boundaries that confined ethnic wear to certain occasions are gradually breaking down, paving the way for a more inclusive and versatile presence in the fashion landscape.
