September , 2022
Fashion industry shows great recovery
22:42 pm

Pritha Misra

The fashion industry is highly dependent on the festive season which witnesses a rise in purchase of apparel, footwear, and accessories. In West Bengal, this season starts with the Durga Puja and ends with the wedding season.

According to market sources, sales and bill sizes for apparel collections have climbed by 15% to 20%. Intent to purchase clothes was higher (63%) than that of home appliances (50%) and gadgets and mobile phones (36%) among shoppers. This year, substantial growth is predicted for the fashion category as the Covid-19 pandemic seems to have subsided. According to the Retailers Association of India (RAI), more Indian consumers have shown a desire for apparel shopping during this festive season as compared to the previous year. A recent market research indicated that 94% of respondents were eager to shop during the current festival season - up from 80% last year.

The holiday season this year started early - which is a bonus. Apparel retailers with national reach report a discernible rise in sales at their establishments in the eastern and southern regions, where Dussehra is warmly celebrated. The purchase patterns, according to store managers, are indicating a shift towards increased purchases. Conversion rates are increasing. One out of every two visitors are making a purchase. 

According to RAI, the poll illustrates the growth of multichannel shopping, with the internet being the main means of research. Credit cards (59%) are the non-cash payment method of choice for consumers, followed by debit cards (51%) and UPI (40%). Up to 21% of respondents said they would choose EMI or pay later payment methods. During the approaching holiday season, online sales are predicted to increase by 28% year over year to reach $11.8 billion, according to a report by consulting firm RedSeer Consulting. Online sales are anticipated to increase to $5.9 billion during the first week of the holiday season from $4.8 billion in 2021. A projected 350 million Indians would purchase online by 2025, up from the over 165 million who did so in 2022. Many online consumers are anticipated to begin their online journey with fashion as a primary category, especially in cities outside of Tier-2, according to analysts. The online fashion retail market share in India is anticipated to grow by $22.97 billion from 2021 to 2026 at a CAGR of 18.83%, as per a research firm Technavio. Fashion companies including FabAlley, Fablestreet, Karagiri, Indya, Lenskart, Zivame, Clovia, Dressberry, Shoerella, Voylla, and Melorra have been dominating the charts as D2C becomes more popular among online buyers.

Fuelling the craze for shopping, 'Tanter Hat', a fair consisting of Taant sarees at Central Park, in Bidhannagar, Kolkata has been getting constant traffic. This year, Tant Jamdani is highly popular. The Price range of this product is from `1,500 to `5,000. The market for handloom saris is consistently strengthening. A significant increase in demand for two- or three-piece kurta-pyjama-dupatta combos is also being witnessed this festive season. There is currently a healthy demand for vintage ajrak, muslin, and Chanderi silk prints. This year, even cotton and silk oriental gowns are selling nicely. Shades of bottle green and navy blue are flying off the shelves. 


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