07 April 2022, Mumbai:
According to GlobalData, India's garment sales will reach $75.2 billion in 2022 as a result of its growing middle class and urbanization.
If GlobalData's estimates are to be believed, India's increasing middle class and urbanization will play a key role in pushing apparel sales to 2019 levels in 2022.
According to the research India Garment Market Size and Trend Analysis by Category (Clothing, Footwear, Accessories), Retail Channel, Supply Chain, Consumer Attitudes and Themes, Key Brands and Forecast, 2020-2025, Indian apparel sales might reach $75.2 billion by 2022.
According to the analysis, by 2025, the figure may have risen to the astonishing US $ 91.1 billion. GlobalData's estimates, on the other hand, are slightly lower than Statista's.
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According to reports, Statista anticipated that the Indian clothing retail industry will reach the US $ 88.48 billion by the end of 2022 and US $ 106.93 billion by 2026.
According to the GlobalData analysis, while India's clothing industry reached the US $ 64.8 billion in 2021 as a result of eased restrictions and the reopening of retail establishments, the country's increasing middle class may help boost sales and attain levels in 2022.
"India's growing middle class, with higher disposable income, will bolster the growth of the apparel market, especially benefiting Western brands, as these consumers increasingly interact with social media with greater exposure to global fashion trends," Suresh Sunkara, Retail Analyst, GlobalData, said.
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During the projected period, the desire for comfortable clothes, which increased during the pandemic, is likely to continue to position leggings, knitwear, sweatshirts, and trainers as winning categories.
According to the survey, casualization would help sectors like jeans, tops, and T-shirts reach their pre-pandemic sales faster. Due to the robust rise in the entire industry, Suresh noted that categories including suits, shirts, and dresses will also outperform pre-pandemic levels.
Furthermore, increased urbanization is causing a shift in consumer lifestyles, boosting demand for formalwear and athletics, and urban consumers now have more access to garment companies, both in-store and online.
These shifting purchasing habits will fuel demand for more trend-driven products, particularly among younger Indians, who account for a sizable share of the population.
The online channel will grow at a CAGR of 30.3 percent between 2019 and 2025, according to the report, as retailers improve their digital propositions and consumer habits shift. Online penetration is expected to rise to 26.5 percent in 2025.
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CREDITS: GlobalData analysis & Apparel Resources.
