Projections indicate a substantial growth trajectory for the Fashion Market, with revenues expected to surge to USD 14.68 billion in 2024 and maintain a robust annual growth rate of 10.65 per cent through 2029
As the scorching Indian summers reach their peak, the nation’s fashion brands and ecommerce platforms are poised to deliver the best to consumers. With most brands already unveiling their summer collections, and ecommerce giants leaving no stone unturned to offer the finest selections, the stage is set for a vibrant season of style and trends.
Projections indicate a substantial growth trajectory for the Fashion Market, with revenues expected to surge to USD 14.68 billion in 2024 and maintain a robust annual growth rate of 10.65 per cent through 2029, reaching a staggering USD 24.35 billion. The market is anticipated to witness a surge in users, projected to reach 289.6 million by 2029, with user penetration expected to rise from 13.4 per cent in 2024 to 19.6 per cent in 2029.
Moreover, the average revenue per user (ARPU) is forecasted to stand at USD 77.22, showcasing promising prospects for revenue generation in the fashion industry. Leaders in the Indian fashion landscape, such as Tata CLiQ, Flipkart Fashion, and Amazon Fashion, are already witnessing strong demand for summer apparel, with a focus on trends like big florals, ‘Soft Girl Era’ pastels, and vacation wear. Brands like Soch Apparels are capitalising on the popularity of breezy fabrics and pastel hues, while platforms like Myntra are leveraging insights from ‘The Myntra Trend Index’ to drive premiumization and sustainability in fashion. As consumer preferences evolve, fueled by a blend of style, functionality, and self-care, India’s fashion industry continues to innovate, adapt, and cater to the diverse needs of millions of consumers nationwide.
What Industry Leaders Say
Talking about trends and the market, Gopal Asthana, CEO, Tata CLiQ said that Tata CLiQ, a leading e-commerce platform in India, reports strong demand for summer fashion apparel from brands like Biba, Forever New, Jack & Jones, Levis, Only, Pepe Jeans, Vero Moda, Westside, and U.S. Polo Assn. Top searches include cotton t-shirts, shirts, women’s dresses, kurtas, and coordinated sets. Promoting trends such as big florals and the ‘Soft Girl Era’, featuring pastel colours and ruffles, Tata CLiQ also emphasises waistcoats, coordinated sets, and formal linen pants for the ‘Girl Boss’ look. Men’s wear highlights include t-shirts, shirts, resort wear, lounge wear, and linen collections, with whites across various categories. In Indian wear, Chikankari and Indigo trends stand out.
Asthana adds that Tata CLiQ Luxury, India’s premier luxury lifestyle platform, observes a surge in summer shopping, with brands like Calvin Klein jeans, Gant, and Lacoste driving the trend. Men’s wear highlights include polos, t-shirts, and cotton shirts, with preferences leaning towards beige, cotton fabric, earthy tones, linen, and shorts. In women’s wear, cotton and linen fabrics, floral and vertical prints, and knee- or calf-length dresses are in high demand, reflecting a growing inclination towards comfort and style in the summer season.
Higher Demand Of Fashionable Clothes In Tier 3
Arief Mohammad, Vice President and Head of Flipkart Fashion, notes intriguing trends in summer fashion amidst rising temperatures. Men are favouring round-neck t-shirts, textured shirts, zipper polos, and parachute trousers, while women are opting for bows, rosette tops, tube dresses, chunky mules, and gelato pastel colours, blending style with functionality. Tier 3 regions show a significant uptick in demand for men’s footwear compared to 2023, with increased searches for Linen, Cotton, Crochet, and Sleeveless products. ‘Vacation wear’ and resort-inspired looks like printed matching sets and breezy half-sleeve shirts are trending. Flipkart Fashion aims to cater to diverse shopper needs by bringing the latest trends from a growing network of brands and sellers to millions of customers across India.
Indian Wear Rules The Consumer Preferences
Vinay Chatlani, Co-founder and CEO of Soch Apparels, discusses the highest-selling summer fashion items by the brand, highlighting the popularity of kurta sets from their latest Spring Summer Collection 2024. These sets come in various styles, including pastel tones, whites, and floral colours with light embroidery and threadwork, resonating well with customers seeking breezy fabrics for the season. On the brand’s e-commerce platform, the most searched products encompass a mix of evening occasion wear sarees and casual day looks such as kurta sets in floral prints and designs. Shades of green, including sap green, olive green, and pastel green, emerged as preferred options in the colour palette for summer fashion choices.
Sustainable Fashion Finds New Grounds
Saurabh Srivastava, Vice President of Amazon Fashion, discusses the most searched products and the promotion of sustainable fashion during summer. Amazon Fashion aims to empower customers to discover their unique style by offering a curated selection of trending styles from popular brands. This summer, there’s been a notable increase in women’s ethnic wear, particularly from brands like BIBA and Janasya, reflecting a preference for comfort and fusion-wear. Additionally, demand for smart and premium watches has surged, with brands like Fossil and Fastrack Smart gaining traction.
The interest in international premium brands priced at Rs 8,000 and above highlights the impact of premiumization on fashion and lifestyle choices. Regarding sustainable fashion, Amazon Fashion integrates sustainability into its brand ethos by collaborating with seller partners who offer eco-friendly alternatives.
The platform promotes eco-conscious brands, particularly in the Direct-to-Consumer (D2C) sector, offering options such as Fabindia’s eco-friendly offerings, M&S’s linen collections, and brands like Vero Moda and Suta. These brands leverage technology and processes to deliver stylish yet sustainable options that resonate with the fashion sensibilities of young Indian consumers.
Non-metro Dominance And Unified Fashion Preferences
The debut edition of ‘The Myntra Trend Index’ illuminated intriguing consumer behaviours, transcending regional and linguistic boundaries. Surprisingly, 8 out of the top 10 consumers originate from non-metro locales, spotlighting the expanding influence of e-commerce beyond urban landscapes. Notably, preferences for the top three premium brands in Women’s western wear, Lingerie & Loungewear, and Men’s casual wear remain steadfast across metro and non-metro consumers, indicating a harmonised taste in fashion aesthetics. Moreover, the report highlights Hinghlish and Hindi as the most utilised search languages after English, emphasising the pivotal role of vernacular languages in engaging a diverse consumer base. These revelations underscore the dynamic shifts in online shopping preferences and language usage, shaping the trajectory of e-commerce in India.
Sharon Pais, Chief Business Officer of Myntra, underscores the significance of ‘The Myntra Trend Index’, showcasing its profound insights into consumer trends spanning various segments. The report unveils a notable trend towards premiumization in India, marked by a surge in the adoption of fashion, beauty, personal care, and lifestyle trends across diverse demographics. With a burgeoning interest in experimental fashion choices and a surge in self-care and personal grooming practices, Indian consumers showcase evolving lifestyle preferences. Myntra, positioned as a catalyst in democratising access to the latest fashion and beauty trends, leverages cutting-edge technology and tailored services to cater to the varied needs of millions of customers. By remaining at the forefront of the fashion and beauty industry, Myntra aims to navigate the ever-evolving landscape and continue its commitment to delivering unparalleled experiences to its clientele.
