The purchasing power of consumers is influencing the retail industry to a substantial extent both at the domestic and global level. The economic slowdown has infected their confidence leading to a decline in sales of the apparel industry.
Recent study by Price Water-house Cooper (PWC) along with Mckinsey's state that in the current trade trend, consumers have an assortment of products to choose from. They would not agree to pay for a substandard product.
The Indian apparel sector is one of the highest foreign exchange revenue generators comprising of 16% of the country's total exports. Europe's recession and crisis of the South Asian currency have decimated the export figures to a considerable extent.
In future, it will be faced with open competition from quotas and tariffs. Both manufacturing and marketing base needs to be enlarged to develop the market, and tap new markets in South Africa, Central Africa, and East European countries.
Click here to read more about the consumer trends in India, China and Brazil.
Fibre2fashion News Desk - India
marketing@alchempro.com
