According to a survey, India’s lifestyle sector is predicted to develop at a CAGR of 10–12% to reach $210 billion by 2028 as disposable incomes rise in tandem with overall economic growth.
According to a report by Bain & Company and Myntra that offers a thorough analysis of the changing e-lifestyle landscape in the nation, it is now valued at $130 billion in 2023.
It revealed that by 2028, the nation’s internet market for fashion and lifestyle would have grown from $16–17 billion to $40–45 billion.
According to the estimate, by 2028, e-commerce will account for 18–22% of the lifestyle sector’s total sales, up from the present 13%. Approximately one out of every five dollars spent on lifestyle will be accessed online.
At now, over 175 million Indians purchase lifestyle products online, with an average of 6-7 transactions annually.
About 60 million Gen-Z consumers are driving the online retail environment, according to the survey.
They purchase 8–9 times a year, which is more than the non-Gen-Z category.
With a 75–80% market share in e-lifestyle, fashion is the dominant category, followed by personal care and cosmetics.
Ninety percent of the top 50 global lifestyle companies are operating in India, according to the survey. And the revenue from half of these exceeds $30 million.
This growth is being driven by a number of causes, including a trend towards organised retail, rising incomes, a spike in fashion-forward Gen-Z shoppers, and easing inflationary pressures. The online buying experience is also being improved by technological innovations like voice-activated shopping, virtual try-ons, and AI-driven customisation.
India’s sourcing environment for clothing has developed “beyond Surat and Tirupur,” according to Manan Bhasin, a partner at Bain & Company. “Across the length and breadth of the country” are the new manufacturing clusters.
Additionally, according to Bhasin, “the share of India sourcing has increased steadily to 20–30 per cent for some leading global brands.”
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