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200 mn high-income consumer base attracts global brands
10 Apr '10
1 min read
India is the fourth largest in the world after U.S., China and Japan ranked on the basis of GDP by purchasing power parity. Ranked with exchange rate method, India is the 13th largest Economy in the world.
Indian market reflects considerable diversity in income levels and lifestyles. Despite India's per-capita GDP is one of the lowest among the developing countries, a significant segment of the population (an estimated 200 million people) has significantly higher income.
Along-with the shift of the lower income households to the high-income categories, Indian consumer credit is growing by 35 to 40 percent annually; new cardholders are increasing by 25 to 30 percent annually. Clothing expenditures in India tend to be relatively higher for households with higher incomes.
This has led to a slew of domestic and global brands stitching up plans to grab a share of this highly lucrative market. As the global economies show signs of slow but steady recovery, more and more apparel brands are expected to line up on Indian shores.
Indian market reflects considerable diversity in income levels and lifestyles. Despite India's per-capita GDP is one of the lowest among the developing countries, a significant segment of the population (an estimated 200 million people) has significantly higher income.
Along-with the shift of the lower income households to the high-income categories, Indian consumer credit is growing by 35 to 40 percent annually; new cardholders are increasing by 25 to 30 percent annually. Clothing expenditures in India tend to be relatively higher for households with higher incomes.
This has led to a slew of domestic and global brands stitching up plans to grab a share of this highly lucrative market. As the global economies show signs of slow but steady recovery, more and more apparel brands are expected to line up on Indian shores.
Fibre2fashion News Desk - India
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