The millennial and Gen Z population in India is expected to propel the fast fashion business to a US $ 50 billion market by FY ’31, according to a report released on Tuesday. Redseer Strategy Consultants research shows that the fast fashion industry, which is currently valued at $10 billion, experienced a spectacular growth rate of 30–40 per cent in the nation in FY ’24. On the other hand, the growth rate of the Indian fashion industry as a whole was only 6 per cent year over year.
However, India’s fast fashion sector is still relatively modest compared to international giants such as Shein, which has a thrice larger market. Based on pricing points, the industry can be divided into three categories: ultra-value, mid-value, and premium. Different business model strengths are needed for each segment.
The analysis predicts that the mid-value-brands segment will have the greatest brand proliferation, taking advantage of low entry barriers and innovative customer behaviour to propel growth. According to the survey, brands that possess a distinctive and valuable positioning are anticipated to have a significant customer attraction.
