India’s organised apparel retail market is inching closer to touch US $ 100 billion already, thanks to the increased consumer spending on clothing products in the country.
As per Statista, the revenues in the Indian apparel market may amount to a staggering US $ 96.47 billion in 2023 and are expected to grow annually by 3.34 per cent (CAGR 2023- 2027).
What’s more, as of 2023, India’s apparel market size is fourth globally, behind only China, USA and Japan.
The economic development in India is also at an all-time high and so is the spending power of the consumers, even as according to some experts, by 2030, India will have a per capita income of around US $ 5,242 from the current US $ 2,278 while the average size of the GDP will be approaching close to US $ 10 trillion.
These figures and more rightly portray the growing importance of the Indian market, which is a glowing beacon of hope amidst the looming economic hard times globally.
As India continues on its awe-inspiring growth journey, its reflection is writ large on every aspect, including the fashion retail sector even as data suggests that in relation to total population figures, per person revenue of US $ 67.95 will be generated in 2023, in India.
Further, the largest segment of the market will be women’s apparel with a market volume of US $ 43.65 billion (in 2023), while men’s apparel and kids’ apparel segments are projected to hover around US $ 31.28 billion and US $ 21.54 billion, respectively.
It is worth noting that despite many challenges, India has emerged as one of the world’s fastest-growing fashion markets over the past few years.
In 2023, retail in India is expected to grow better than all other key markets across the world. Omnichannel retail has become the norm for retailers even as concepts like ONDC (Open Network for Digital Commerce) will enable millions of small retailers to participate in digital commerce, underlined an expert. The Boston Consulting Group (BCG) predicts Indian retail will reach a whopping US $ 2 trillion in value by 2032, which means 2023 is going to be the beginning of the turnaround the forthcoming decade is expected to be, as urban Indian consumer’s purchasing power continues to grow, and branded goods in categories like apparel, cosmetics, footwear, watches along with beverages, food and even jewellery progressively advance into business and leisure.
If you are looking to capitalise on the Indian fashion retail sector, ASW promises to open the doors of opportunities for a long-standing and enriching experience in the exciting fashion retail landscape of India.
After the highly successful first and second editions, ASW is now set to open its doors for the stakeholders with its third edition to be held on 20th-21st July 2023.
The venue this time again is Bengaluru’s iconic Grand Sheraton Hotel and Convention Center.
The confidence built among the fashion retailers at ASW’s first and second editions and the work that has gone into making ASW a recognised sourcing platform are now attracting a massive number of retailers and fashion brands from all over the world.
Expected visitation by 10,000-plus representatives of brands, retail stores and apparel manufacturers from around the world including top 100 domestic players with 200-plus stores each and 300 domestic players with 50-plus stores, is indication enough of the growing popularity of ASW among brands, retailers and the buying community.
This time around, an international buyer’s programme has been specially created to invite and host 200 international buyer delegates, who will be from all leading national and global bricks-and-mortar retail chain stores and e-commerce platforms.
What are you waiting for? Register today to be a part of what is going to be history in the making.
Watch out for our Press Releases in the coming days as we bring to you detailed insights on the exciting fashion retail markets of Australia, GCC Countries, South Korea, Japan and many more!
Apparel Sourcing Week 2023, a two-days Sourcing Show not only provides the Asian manufacturers a platform to showcase their products & manufacturing capabilities to the Brands & Retailers from all over the world including India, but also extends them a chance to attend the multiple seminars (headed by industry experts), workshops, open-house discussions and networking opportunities organised during these three days, which would help the manufacturers get a better understanding of Indian and International Retail and evolving dynamics of sourcing in various markets and retail formats.
Apparel Resources is well known for its benchmark publications – Apparel Online, StitchWorld and Resource Guide published from India, Bangladesh & Vietnam. These publications have been around in the industry for over 35 years, supporting, guiding and standing by garment exporters and the retail industry globally, providing them a platform to source better.