Apparel April 2019 Apparel May 2019 issue | Page 26

FEATURE
THE CHANGING LANDSCAPE
OF SHOPPING TRENDS
Anurima Das decodes the evolving retail trends in the Indian fashion space to
know what makes consumers tick.
According to reports by Technopak, the Indian
retail market is expected to experience a six per
cent growth annually over the next few years to
reach US$865 billion by 2023. Apparel holds
an eight per cent market share within this retail
space. Fashion apparel and accessories enjoy
a hefty demand in the retail zone and over the
years, the demand has created a lucrative climate
for apparel retail. What is interesting is that the
altering shopping trends has actively contributed
to this number. Recent data shows that Indians
spent R5,408 billion on purchasing clothes in
2018, a jump from R1,924 billion they spent
in 2010. Experts account this big leap to a list
of causes that are higher disposable incomes,
countless migration to large cities, and brands
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May 2019
opening up in non-metros, increasing the larger
population’s access to branded clothing.
HOW ARE PEOPLE SHOPPING?
According to CARE Ratings, the apparel market
in India has grown at a compound annual
growth rate (CAGR) of 13.8 per cent in FY18.
CARE compiled this report based on the data
they procured from the Centre for Monitoring
Indian Economy (CMIE), which they measured
alongside private final consumption expenditure
(PFCE) for clothing in order to chart out the overall
expenditure on apparel in India. What’s striking
is that men’s clothing actually accounted for the
biggest chunk of the local apparel market at
41 per cent; kids’ wear, on the other hand,