CMAI survey reveals weak festive season sentiment in apparel sector

The Clothing Manufacturers Association of India (CMAI) has revealed subdued expectations for the upcoming festive season in its annual member survey. A significant 63 per cent of respondents foresee flat or declining sales compared to last year, with 25 per cent predicting sales to be as low as 75 per cent of 2023 levels.
Key factors driving this pessimism include a shift in consumer spending toward lifestyle purchases, cited by 35 per cent, and concerns over the slowing economy and inflation, named by 24 per cent of respondents. Men's wear appears hardest hit, while women’s and kids' wear are expected to fare better.
Interestingly, 75 per cent of respondents believe mid-priced brands will perform best, reflecting growing consumer maturity. Demand for Indian wear and casual wear is projected to rise, with formal wear lagging.
Despite the rise of e-commerce, 75.5 per cent still prefer offline shopping, showcasing the continued strength of physical retail. CMAI President Rajesh Masand noted that while current trends aren't surprising given recent economic conditions, optimism remains for a demand surge during the wedding season.
CMAI represents over 5,000 members, serving more than 35,000 retailers nationwide.