India’s organised apparel retail market is inching closer to touch US $ 100 billion, thanks to increased consumer spending on clothing products in the country.
As per Statista, the revenues in the Indian apparel market may amount to US $ 96.47 billion in 2023 and the market is expected to grow annually by 3.34 per cent (CAGR 2023-2027).
It’s worth mentioning here that India’s apparel market size now stands at fourth rank globally and only China, USA and Japan are ahead of the country in 2023.
The largest segment will be women’s apparel with a market volume of US $ 43.65 billion in 2023, while men’s apparel and kids’ apparel segments are projected to hover around US $ 31.28 billion and US $ 21.54 billion, respectively.
Statista’s data further suggests that in relation to total population figures, per person revenues of US $ 67.95 will be generated in 2023.
Further digging into statistics by Apparel Resources found that the apparel volume is expected to amount to 38.94 billion pieces in India by 2027, while in 2023, the average volume per person in the Indian apparel market is expected to amount to 23.80 pieces.
