The report titled
“Apparel and Footwear Specialist Retailers in India” provides a comprehensive analysis of apparel
and footwear retail industry in India, consumer shifts, growth sectors, market
competition and market forecast.
Industry
Overview: Whether one is in a city living a fast paced life or in a rural
area living a slow and peaceful one, consumers are always rational when it
comes to buying products. Except that habits and budget constraints can askew
this assumption a bit. Whereas people with high budget and disposable income
are seen spending their money on the luxury products by big international and
domestic brands like Forever 21, Zara,
Raymond. Adidas etc., people with limited disposable income are seen to choose
and buy products according to the product’s value and worth with keeping up
with the trends.
Given all the differences in how people choose
to spend, one thing that is constant is the growth rate of demand of apparels
and footwear products in India since the last few years. As brand awareness
increases, technology advances, social media penetration and globalisation
eases its way into our markets with better management of outlets and product
offerings, apparels and footwear market is now more affordable than ever for
all budget levels. With affordability, comes fast fashion which changes with
trends and increase in sales.
Overall, the apparel and footwear industry has
seen a boom of 9.7 percent making Indian fashion industry prominent in the
retail sector since past few years.
Intersegment analysis:
With menswear and footwear holding the
major shares the industry, i.e. 41 percent, women’s wear and footwear shares 38
percent of the market with expected growth rate of 9.9. Kidswear and footwear
being one of the fastest growing areas, it shares 21 percent of the market with
an expected growth rate of 10.5.
Region wise distribution: The major market for apparels and footwear
exists in urban areas like NCR Delhi, Mumbai, and Bengaluru etc. That said,
since 70 percent of our population rests in rural areas, the market share states
the high purchasing power of consumers in urban areas to buy quality products.
In recent times,
apparel and footwear companies have also been penetrating in smaller markets of
tier 1 and 2 cities. What is still lacking in these markets is the presence of
recognised and big brands. Price sensitivity and value purchases discourage
brands to enter the market.
Trends:
The Indian apparel and footwear
industry with its high growth rate and new opportunities in the market is
witnessing several trends like shifting to sustainable and eco-friendly goods
which has seen a good sale in recent years, producing tech-savvy goods possible
with technological advances, increased sale on e-commerce platforms, increase
in smart casual’s trend etc.
Future
of Indian apparel and footwear Market: Indian
apparel and footwear market is expected to witness a significant growth and
stay strong in future as the market recovers from the effects of
demonetisation. The larger portion of the growth will come to organised players
as consumers’ behaviour changes and they move from non branded products to
branded items.
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Ken
Research
Ankur
Gupta, Head Marketing & Communications
0124-4230204
