Quartz reports a study by Technopak Advisors, a retail consultancy, which says that the market for lingerie, denim and t-shirts will grow the fastest among women’s apparel in the next decade in India, while the market for sarees—the quintessential Indian garment—will grow at a slower pace. For this study, Technopak analyzed both the “organized” ( chains) and unorganized (single location segment) markets in India.
The study further indicates that while the saree market will expand at a rate of 6% over the next eight years the lingerie, denim, and T-shirt segment will see a growth of 15% each. This is an indication of changing demographics and lifestyle. According to the United Nations, India has the highest youth population in the world. Young men and women are not only more westernized and better traveled than their parents, but also have much higher disposable incomes.
Arvind Singhal, chairman and managing director of Technopak said, “Sarees are still a universal dress across India but the use is now getting limited to traditional or religious ceremonies, especially among young Indians.”