Men in Tier 2 Cities Drive India's Ethnic Wear Market to $18.7 Billion
10 January 2024, Mumbai
WHY India
Fueled by rising disposable incomes, a growing middle class, and a newfound fashion focus among men, India's ethnic wear market surged to a whopping USD 18.68 billion in 2023, according to Technavio.
Data point
This impressive growth, clocking in at a healthy CAGR of 8%, is particularly driven by the increasing demand for ethnic wear in Tier 2 and 3 cities, where men are embracing traditional styles with a modern twist.
Evolving paradigm
This trend signifies a shift in the Indian fashion landscape, moving beyond major metropolitan centers and catering to the aspirations of a broader consumer base.
With more men seeking to express their cultural identity through their clothing choices, the demand for kurtas, sherwanis, and Nehru jackets is skyrocketing, creating a lucrative market for both established and emerging brands.
Prognosis
Analysts suggest that this trend is likely to continue in the coming years, fueled by factors like rising awareness of Indian heritage, the growing influence of celebrities sporting ethnic wear, and the increasing availability of stylish and affordable options online.
As disposable incomes continue to rise in Tier 2 and Tier 3 cities, the demand for ethnic wear is expected to further flourish, transforming the fashion landscape of India and offering exciting opportunities for players in this booming market.
5 Key Insights: India's Booming Ethnic Wear Market
- Tier 2 Surge: Men in smaller cities drive a $18.7 billion boom, 8% CAGR growth.
- Beyond Metros: Shift in fashion catering to broader aspirations, Tier 2 & 3.
- Cultural Expression: Kurtas, sherwanis, & Nehru jackets soar as men embrace identity.
- Future Promise: Trend to continue, fueled by heritage awareness, celebrity influence, and online options.
- Lucrative Potential: Rising incomes offer exciting opportunities for ethnic wear brands.
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