A brand manager of a US textile commodity, I met recently, called the trends happening in the Indian textile market as Mega Trends. Before coming to India, he had visited China and so his remarks took on greater importance. His research findings are very optimistic about India, especially on the apparel and retail markets´ growth. For him, definitely this decade belongs to India with its economic growth in rupee terms reaching Rs 238 trillion by 2024. The online population is slated to touch 400 million, and the apparel spending to hit about Rs 8.6 trillion. Forty three per cent of Indians will be under 24 by 2024, triggering off a sales storm in the malls and by clicks. International brands have lined up ambitious plans to expand, and diversify to cater to this rising young population. Menswear purchase has already expanded by 34 per cent and womenswear by 27 per cent last year ´ a commendable performance. Today, 53 per cent of consumers in major cities resort to organised retail channels. The Indian online apparel and footwear sales are expected to reach Rs 536 billion by 2019 from a mere Rs 13 billion in 2010. About 55 per cent of shoppers are doing research online while buying clothes, a trend not many would have thought possible a few years ago. Top e-commerce sites are doing brisk business in apparels. The economics and demographics bode well for the Indian apparel industry. The fashion cycle has become shorter. Eighty-two per cent of consumers are willing to pay a premium for better quality apparel. The Mega Trends unfurling today speak of proven brands, reliable tags and good quality apparels. More than the consumers, the industry , which most of the time ignores the domestic market, must also take a note of it. This is the moment for ´Make in India´ to happen on a larger scale in the Indian textile industry. And this decade, the Indian industry should not miss the bus!
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S Joseph
Editor & Associate Publisher