India and China are going to be the most coveted markets by 2030 and it is clear that the US will be replaced by China as the world’s biggest apparel market and India will not be far behind, according to Euromonitor International. The market indicators are showing positive trends as GDP and apparel spending in both China and India are projected to more than double over the next 15 years. By 2030, China will be the world’s largest apparel market, followed by the US and India.
Though China’s economy has slowed in recent years India China to emerge biggest markets for sustainable fashion creating a disparity in supply-demand but the overall market sentiment remain positive with high consumer confidence. According to a study by Fung Global Retail & Technology, consumer spending trend remains high for kids’ wear and casual wear categories. Meanwhile, recent reports by Nielsen Global Survey of Consumer Confidence showed India’s confidence is up three points from the previous quarter.
China’s apparel market is becoming more organised as the top 10 brands in activewear, jeanswear and casualwear, have been increasing their market share significantly. Thus, making the market more competitive and quality driven. India on the other hand witnessed significant growth in organised retail driven by increasing consumer preference for specialty, department, and hypermarkets and increasing lifestyle spend. Over the last decade, almost all global brands have made a beeline for India market changing the retail landscape of the country.