The term ‘casualwear’ is a broad term that covers a gamut of
products ranging from office and workplace casuals on one end of the spectrum
to beachwear on the other. The related terms that are used in context of
casualwear are ‘business casuals’, ‘corporate casuals’, ‘smart casuals’,
‘resort casuals’, ‘party wear’, etc. Business and corporate casuals are usually
variations on the Dockers-khakis-polo shirt look. However, the boundaries
between the different kinds of casualwear are blurring; the typical Indian
consumer now prefers to use casualwear interchangeably in different occasions.
An insight into the Indian apparel retail market reveals
that the idea of casualwear has more than arrived; casualwear is expected to
make deeper inroads into the psyche of Indian fashion consumers. The year 2013
was an eventful year for the Indian fashion market. Despite the
not-so-optimistic stories of slowing economic growth, the depreciation of the
Indian Rupee, the skyrocketing consumer price inflation, the rising perception
of corruption within government and the accompanying complaints of policy
paralysis, many Indian and international fashion brands and retailers managed
to drive growth within their apparel retail businesses. It is estimated that
the Indian apparel market which stood at INR 2.05 lakh crore in 2012, will
register a compound annual growth rate (CAGR) of 9% to reach INR 3.15 lakh
crore, in 2017. Further, given the increasing trend towards comfort and a
trendy look, the growth rate is expected to be higher for the casualwear
segment.
It is a much-vaunted fact that, while India’s population has
more than doubled in the past fifty years, the population of urban
agglomerations has undergone a fivefold increase. It is also estimated that, by
2020, almost 35% of the Indian population will be living in urban centers. This
high urban population is expected to splurge on casualwear products and as a
result, by 2020, there will be more than 70 million aspiring consumers who can
afford to consume on par with consumers in the developed world.
Another driving force for the casualwear market in India is
the change in the classification of fashion purchases. About 10-15 years ago,
the Indian consumer was satisfied with need-based purchases. The fashion basket
back then was dominated by formal shirts, trousers, sarees, salwar kameez, etc.
The key purchase parameters considered while buying these items were their
basic function, comfort, and price. However, with the increasing exposure to
international fashion trends, the Indian consumer today wants more than just
need-based clothing. There is a conscious effort at making a different fashion
statement on different occasions and thus, the look is tailored to the
requirements of specific occasions. Consequently, the fashion basket has
expanded to include occasion specific-clothing like sports/gym wear, ethnic
wear, casualwear, office wear, nightwear, party wear, etc. In addition to old
parameters like basic functionality, comfort and price, better look, perfect
fit, and trendiness have also become key purchase parameters. It is further
expected that, in another 8-10 years, the Indian consumer will become more
detail-oriented. Fast fashion will consequently make further inroads into the
Indian market, with consumers seeking newer designs with every fresh purchase.
Design-based assortments for occasion-specific attire, bespoke jeans at the
higher end of the market, eco-friendly apparel labels, etc. are some of the new
apparel categories that are likely to emerge, within the Indian casualwear
market.
About Author: The author of this blog has done research on kids wear in Mumbai, boys wera in Mumbai, kids fashion.
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