Indian shoppers are cautious about spending money during the ongoing coronavirus pandemic and aim to spend less on non-essential goods, such as apparel, which paints a grim picture for retail recovery, studies show.
India’s textile industry is expected to see its production decrease by between 10% and 12% in the first quarter of the 2021 financial year, due to decreased domestic and international demand caused by Covid-19.
Few groups have excited as much attention in luxury in the past few years as Fosun, a giant Chinese conglomerate that has gradually built up a significant position as a player in fashion and elegance in Europe.
India has emerged as one of the world’s fastest-growing fashion markets over the past few years. It is projected to grow at 15 percent CAGR till 2022 and become a $102 billion market for apparel, as per a recent report.
Mobile phone-focussed marketing will influence seven out of ten fashion accessory purchases in India in 2022, creating a $110 billion sales opportunity by then, according to a recent report by Facebook and KPMG.