Arvind Singhal, chairman, Technopak Advisors, shared his thoughts on global consumer trends at the 25th IAF World Apparel Convention in New Delhi. He said,“The consumer wallet share for apparel segment is shrinking – mainly due to a considerable shift of consumers from brand loyalty to value loyalty.” He added that retailer brands are gaining popularity over brand labels. “Value retailers offer more fashion at more reasonable prices,” Singhal informed.
With the recent economic downturn, retailer brands are clearly scoring with consumers looking for a superior price-value equation. While most consumers are veering towards reasonable pricing, they are also demanding higher fashion content even in value ranges. As was evident from Singhal’s observations, the downturn in purchasing sentiments has resulted in a shift for the consumer – from premium products and brands to options that offer greater value for money. There has therefore, been a steady upsurge in the offerings of private labels, with an aim to make fashion more affordable to the middle income consumer segment, without compromising on quality.
— Daakshi Kushwaha