A recent report by Statista claims that revenue in the apparel market will amount to US$88.49 billion by end-2022 and the market is expected to grow annually by 4.84% (CAGR 2022-2026). The COVID-19 pandemic may have affected many industries around the world, apparel being one of them, but factors such as growth of the population and e-retail industry; increase in disposable income of consumers, especially the women; rapid globalisation; increased brand awareness and a massive surge in fashion consciousness among end users is expected to drive the growth of the apparel market. In fact, according to a report by Allied Market Research, casual wear is fast gaining traction among consumers, in turn presenting major opportunities for market expansion in the coming years. Local, sustainable start-ups are fast piquing the customer’s interest. Consumers have also gradually become more comfortable with purchasing apparel online, with the added bonus of omnichannel retail that brands are vying to offer.
India’s casual wear market offers a unique mix of both Western and ethnic apparel. Among women, especially, while Western casual wear is making rapid strides, especially among the younger consumer demographic, ethnic apparel is a more apparent choice among the female population across all age groups. The surge can also be attributed to celebrities endorsing ethnic attire as a smart, comfortable option of casual wear.
Online retail has helped the Indian casual wear sector to expand. It has also given a good opportunity to home-grown brands to innovate on casual clothing
-Nishit Gupta, Director, Kalki Fashion
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