The global consumer spending on fashion crossed US$1.5 trillion in 2015. India's fashion retail market is itself set to grow to US$115 billion by 2026.However, Indian fashion and textile brands need to warm up to the emergence of a new connected consumer, well synced with the latest in global apparel and fashion trends, if they are to capture their due share of this growth.
Our data shows that fast fashion is exploding in influence; as shoppers in India and elsewhere around the world shift to value-for-money fashion, aligned with the latest global trends. People no longer consider apparels as a durable item, to be shopped seasonally; instead, they are now chasing latest trends and hunting for bargains.
More importantly, India's fashion and textile industry need to recognize that the modern Indian consumer is no different from her counterparts in the west. Local brands and manufacturers, who can become distinctly homegrown leaders, will be crucial for enhancing India's garments industry competitiveness on the global stage. To do so, they must focus on product innovation and development, invest in brand building and customer engagement, create flexibility in manufacturing and supply chain and finally, demonstrate savviness in embracing digital technologies. Trend-spotting, in this case, is a lucrative business indeed.