Analysis of Branded Apparels in India

Published: 2021-09-12 15:05:10
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Category: Lifestyle, Asia

Type of paper: Essay

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The apparel market in our country has undergone a transformational phase over the past few years due to growing number of working groups, changing fashion trends, increasing level of information, media exposure and entry of big brand names. Regular Consumer is not only confined to traditional tailored cloths, but now trying different brands of ready to wear and branded materials & apparels. Consumer expenditure on clothing in our country after the 1991 reforms has shown a consistent increase. It is projected that consumer expenditures on clothing will increase from 27 million USD in 2009 to 77 million USD in 2020. (Seshan & Kanojiya, 2018)
The ready-made garment market has undergone a transformational phase over the past few years due to growing number of middle class population, changing fashion trends, increasing level of information, media exposure and entry of big brand names from Western country. Regular Consumer is not only confined to traditional tailored cloths, but now trying different brands of ready to wear and branded materials as fashionable culture has taken over common people in a big way from the traditional clothing. Consumer expenditure on clothing after the 1991 reforms has shown a consistent increase. It is projected that consumer expenditures on clothing will increase from 27 million USD in 2009 to 77 million USD in 2020 (Euro monitor, 2010). The country is witnessing a consumer mentality that is quickly maturing in its sophistication, and 58% of the population is between the ages of 20 – 64. Although this group is deeply rooted to culture and tradition, they are also curious about exploring the outside fashion. The rise in disposable incomes has led to a change in shopping trend and attitudes towards shopping in retail malls. Indian consumers when making a purchase decision considered price as an important parameter, but today these decisions are guided by the desire to look and feel good as the per capita income has increased. This increase in the urban population is expected to generate 80 percent of the country’s GDP and lead to a six fold increase in per capita income. To accommodate this urban growth, the country will need to build 1100 million squares miles of commercial and residential space, paving the way for brand stores and branded apparel. (Seshan & Kanojiya, 2018)The generation next consumers (between ages 18 – 35) as a market segment are of immense importance in India in terms of both magnitude and spending capacity. The census fig. for 2001 shows that 54% of the population i.e. 540 million is below the age of 25 and 45% below the 19 years. The median age of an average Indian is about 25 years i.e. 100 million and will have about 325 million people in the 25 – 35 age group by 2020. The size of the population is an important determinant of demand for many products and services. Out of the total population of 1027 million about 742 million live in rural areas and 285 million in urban areas. The share of apparel market in India as per population projections is as follows (Mahendher & Boaler, 2016)

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