A large number of brands have recognized the huge opportunity in the evolving Indian consumer, though it’s a long way before they actually reach the scale as their foreign counterpart
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The global retail economy is facing a boom thanks to value fashion products that are making their way into the global market. The brands of international acclaim are diversifying themselves to produce varied fashion and other accessories under their labels and looking out for newer avenues to market them. Fashion accessory brands are also waking up to the spending power of the customer from across the globe.
Several global leading brands have all set up shops in leading cities across the world, providing discerning consumers with affordable luxury styles they could previously only find in locations closer to them. The Indian retail industry with the demand for value fashion products is witnessing a boom, estimated to be worth around $ 200 million and growing at a rate of 40per cent per year. While affordable luxury constitutes a small part of India’s overall luxury goods market is fast outpacing the rest of the sector.
Brands are now focussing on coming up with an innovative product line that fulfils all the requirement of a new- age customer. All the brands are becoming fashion-driven and delivering products with multiple needs and keeping in tune with the fashion sensibilities of the customer. With the increasing amount of disposable incomes and the experience of international lifestyles, Indian customers are spending more than before. Many new and established brands are focusing on introducing newer and better product line while adhering to customer satisfaction.
Functioning of the Market
The new market matrix is driven by quality raw material used for manufacturing the products, impeccable craftsmanship, good designs, contemporary styles among others that are the core behind brands trying to craft out a niche with their product lines to compete with others in both the domestic and international markets. Initially, there was a gap between affordable luxury goods and the need for good quality products which more or less is now bridged by brands which have come out with different offerings for customers. Brands are widening their reach and extending their product ranges by redefining old styles with newer ones and simultaneously also experimenting with sustainable options, in few cases.
While elevating the fashion quotient, various international and domestic brands in India are also expanding their collection to catch the attention of their customers. The growth of value fashion products in India can be attributed to the introduction of various international brands and organized players. Customers are focussing more on quality and buying more products than before as per their lifestyle which drives their choices.
With modern man and woman becoming more fashion and fitness conscious, the market is witnessing a bloom of various sub-segments which are becoming the primary drivers for both sales and visibility for the brands. Coupled with this is the increasing consciousness of women customers regarding the brands and styles have also boosted the market. This candidness to indulge in branded fashion products has made way for the growth of both international and domestic brands in India. The customer is willing to pay for quality value-added fashion products but this demand is mainly generated from the urban and in some cases also the semi-urban section. Even the domestic brands which have a global presence are at par with the international brands and offerings.
Also, like the international consumer, there is a growing section of Indian consumer who is more curious and experimental than ever before. For the brand- conscious Indian shopper, the established global brands in India, provide a way to invest in a status symbol that is far more affordable than the average luxury brand.
Marketing the brands through various channels has also become crucial for brands today like e-commerce presence, social media presence which has enhanced the brand’s visibility and its penetration across geography. A large number of brands have recognized the huge opportunity in the evolving Indian consumer, though it’s a long way before they actually reach the scale as their foreign counterpart.