Press Release Description

Apparel & Footwear Market to Showcase Upwards Trend with the Emerging Social Media Influence in India

The India Apparel & Footwear Market is projected to grow at a CAGR of around 11.28% during 2023-28, cites MarkNtel Advisors in the recent research report. One of the major factors contributing to the growth in demand for apparel & footwear is ever-changing consumer buying behaviors, which are influenced by social media platforms like Instagram, MX TakaTak, etc., in India. With the growing impact of social media & changing trends in the apparel industry, consumer spending on buying clothes & footwear has surged significantly during 2018-22.

Furthermore, apparel & footwear is a highly competitive and dynamic industry, which has spurred retailers across the country to expand. Several retailers like Go Fashion, Metro Brands, and Nykaa have started opting for strategies to raise funds to utilize them for expansion purposes. Expansion of retail presence is quite critical in the fashion industry, in order to create brand awareness among consumers. Hence, with fundraising, several brands like Go Fashion, Aditya Birla Fashion & Retail, etc., have been expanding their retail presence across the country over the past few years.

Moreover, India is one the largest producer of textile raw materials like cotton, jute, and silk, which help in enhancing the production of apparel & footwear across the country. Moreover, with the enhanced local production, the cost of clothing is also economical, which further supports the market growth in India. In addition, fashion retailers have been making agreements with e-commerce retailers such as Myntra, Flipkart, and Amazon to expand their online presence as well.

Additionally, most retailers are also launching their online websites, in line with expanding their online retail presence. Hence, the growth of e-commerce sales across India & the expansion of retailers over the online segment is anticipated to uplift the market growth in the forecasted years.

India Apparel and Footwear Market

With the Benefits of Try & Buy, Store-based Retailing Dominated the Market

Based on distribution channel, the market is divided into Store-based Retailing & Non-Store-based Retailing. Among them, Store-based Retailing witnessed a major growth in the historical years owing to the growing consumer preference towards the quality check of the clothes. In India, most people prefer to try on clothing before making a purchase, which has given physical retail stores a significant amount of importance.

Although the number of online platforms has grown since the COVID-19 pandemic in 2020 and is experiencing expansion in terms of reach, store-based retailing continues to offer customer-centric experiences. As a result, the growing expansion of retail stores & enhanced consumer preference to try on any apparel or footwear before buying to ensure the right fit & size are driving the growth of store-based retailing in India.

Rising Inclination Towards the Fast Fashion to Boost the Sales of Apparel

Based on the category, the market is bifurcated into Apparels Category & Footwear. Of them, apparel witnessed considerable growth in historical years owing to the changing consumer preference towards their clothing style & fashion statement. The clothing choices that were deeply rooted in the vastness & complexity of Indian culture are now aligning with more sophisticated & globally in-vogue styles. The transition is a consequence of Indian consumers' extensive exposure due to the rising urban population & growing social media influence.

As a result, more varieties of Indian clothing are getting launched, including formal, semi-formal, casual, athletic, ethnic, seasonal, leisure, party clothes, and others. Additionally, the majority of the Indian population is genZ, which likes to experiment with their appearance & follow the latest fashion trends. As a result, the market share of apparel has historically been higher than that of footwear.

Furthermore, consumers are becoming more conscious of their clothing & appearance and seem to prefer clothing, based on the situation, such as athleisure for sports and gym purposes, and formals for corporate meetings or college seminars, etc. Hence, the evolving customer preference for fast fashion would also boost the sales of apparel in the forecast years.  

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Aditya Birla Fashion & Retail Ltd, Page Industries Ltd, Relaxo Footwears Ltd, Arvind Lifestyle Brands Ltd, Lifestyle International Pvt Ltd, Future Lifestyle Fashions Ltd, Bata India Ltd., Lux Hosiery Industries Ltd, Paragon Group Ltd, Rupa & Co, and H&M (Hennes & Mauritz) India Pvt Ltd., are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. Key Questions Answered in the Research Report
  2. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  3. What are the trends that have shaped the industry to its current form?
  4. What key factors would propel and impede the industry across the country?
  5. How has the industry been evolving in terms of geography & product adoption?
  6. How has the competition shaped across the country, followed by their comparative factorial indexing?
  7. How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
  8. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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