India's Lingerie Market: A Growth Story
The Indian lingerie market is experiencing an seismic surge, coming on the back of exponential rise in e-commerce business secularly inflowing season in season out, driven by rising disposable incomes, higher discretionary spends and constructively improving fashion consciousness across all segments of this industry. IMARC Group forcasts the market to clock an impressive growth from $4.9 billion in 2023 to as high as $10.9 billion by the year 2032, thus registering a robust 9.32% CAGR (Compound annual growth rate).
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1. Individualization: Consumers seek personalized fits, designs of choice, and comfort piece of their innerwear, backed up by tech advancements in the form and shape of virtual fitting rooms and other technologies breaking through.
2. Fusion is the name of the game: The fusion of 'Tradition and Modernity' is the overarching theme playing itself out at various levels as Indian women are increasingly opting for designs blending conventional elements with contemporary trends, reflecting an evolving fashion landscape in this segment with a growing focus on personal style.
3. Living in the digital era: Social media (SM) influencers shape and drive consumer preferences and choices. At the same time, very commonly we have started to see brands at different levels leveraging digital marketing optimization to engage with their audience as close as it gets.
4. Eco-Conscious products: Consumers prioritize sustainable and responsible value chains and materials going into the manufacturing besides transparent supply chains and ethical practices undertaken in the production process where sustainability takes center stage.
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Indian Lingerie Market on the Verge of Explosive Growth
The Indian lingerie market is set to write a remarkably successful story on the back of a vibrant young demography supported by an expanding middle class and driven by evolving consumer preferences, buying behaviour, and tech advancements, and a growing consciousness around the sustainability piece shaping a bright future for this category as we see a lot of resource mobilization at the industry level to brace for the next level of growth.