April 18, 2024
India Fast Fashion Market

India Fast Fashion Market is Expected to be Flourished by increasing Disposable Income

The fast fashion market in India has been witnessing significant growth over the past few years, driven majorly by changing lifestyles and rising disposable income of consumers. Fast fashion retailers design, manufacture and distribute clothing collections in a rapid and continuous manner to stay up-to-date with latest trends as quickly as possible. Fast fashion products are affordable versions of luxury runway looks made using low-cost materials. Leading fast fashion brands in India offer trendy clothes at competitive prices to appeal mass population.

The India Fast Fashion Market is estimated to be valued at US$ 9.90 billion in 2024 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The increasing disposable income has led to a rise in discretionary spending on apparel and accessories in India. According to World Data Lab, the average household disposable income in India is estimated to increase from US$ 7,400 in 2022 to US$ 9,100 by 2027. This growing disposable income allows consumers to spend more money on latest fashion trends offered at affordable prices by fast fashion brands. Furthermore, growing working women population and changing lifestyle preferences have boosted the demand for frequently changing fashionable wardrobe options. Fast fashion fulfills this need of young consumers in India perfectly, thus driving the market growth over the forecast period.

Segment Analysis

The India fast fashion market can be segmented into mass fashion, midscale fashion, premium fashion and luxury fashion. The mass fashion segment dominates the market and accounts for over 50% of the market share. Fast fashion brands like Max Fashion, NEXT and Vero Moda offer trendy apparel at affordable prices in this segment attracting the mid-income group customers the most.

PEST Analysis

Political: The government’s push for Make in India campaign has encouraged local manufacturing of apparel. Several policy amendments have also been made to enhance ease of doing business.

Economic
: Rising disposable incomes, growth of the young population and increasing aspirational values of consumers have boosted spending on fashion in India. Urbanization is also supporting the market growth.

Social
: Young Indians are heavily influenced by fashion trends on social media which has increased demand for new collections at a rapid pace. Celebrity endorsements further attract customers.

Technological
: Digitalization and omni-channel retailing have helped fast fashion brands launch new collections faster. Apps and websites offer seamless shopping experiences. Social commerce is also gaining traction.

Key Takeaways

The India Fast Fashion Market Size is expected to witness high growth on the back of rising brand consciousness among the middle class. The India Fast Fashion Market is estimated to be valued at US$ 9.90 billion in 2024 and is expected to exhibit a CAGR of 16.5% over the forecast period 2023 to 2030.

Regional Analysis

The western region dominates the Indian fast fashion market with around 30% share currently. Maharashtra is the largest contributor owing to metropolitan cities of Mumbai and Pune that have significant young customer bases attracted to new fashion trends. Southern region follows with over 20% share led by high spending customers in Bangalore, Hyderabad and Chennai. Eastern and northern regions are emerging fast fashion hubs as well with rising disposable incomes.

Key Players

Key players operating in the India fast fashion market are Max Fashion, GAP, Next, Vero Moda, Pantaloons, Westside, Fabindia, Desi, AND, Biba, W, Aurelia, H&M, Zara, Forever 21, Mango, Topshop, Uniqlo, Marks & Spencer. Max Fashion and Zara are currently the leaders with widest operational footprints.

Objectives of the Report:

1) Investigate and forecast the value and volume of the India fast fashion market.

2) Estimate market shares for major India fast fashion segments.

3) To demonstrate how the market for India fast fashion is evolving in various parts of the world.

4) Research and analyze micro markets in terms of their contributions to the India fast fashion market, as well as their prospects and individual growth patterns.

5) To provide precise and useful information on the factors influencing the rise of India fast fashion.

6) To provide an in-depth analysis of key business strategies used by major companies in the India fast fashion market, such as R&D, collaborations, agreements, partnerships, acquisitions, mergers, new product launches, and acquisitions, mergers, and acquisitions.

FAQ’s

Q.1 What are the main factors influencing the India fast fashion market?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top India fast fashion Market companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the India fast fashion market’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it