Robust economic growth and rising household incomes in India are expected to take consumer spending to US $3.6 trillion by 2020, with the maximum consumer spend likely to occur in the food, household, and transport and communication segments.
The Indian consumer market is broadly segregated into urban and rural markets. This segregation is attracting marketers from across the world. Fashion consciousness has been increasing across socio-economic segments as a result of the changing role of the Indian woman, increasing incomes and wider penetration of the media in the country. Today, a large number of domestic and international brands are present in the Indian market, catering to every fashion desire of new-age consumers.
Indian consumers are changing at a pace far greater than that foreseen. This change has been a result of several drivers that have grown in strength over the years.
The who’s of who of the fashion industry share their views on what steps they are taking to meet the ever-changing consumer demands.