Here is one survey that will make heads turn, it's men who spend more on clothing and accessories in India, rather than the fairer sex. This is contrary to the existing belief that women love to shop for dress materials, till they drop dead.
According to The India Retail Report by Images & F&R, of the total spend in the country in 2006, men's wear accounted for around 42 per cent, compared with the 34 per cent on women's wear and 24 per cent on kids wear in value terms.
The expenditure on clothing and accessories in the organised sector has grown to around Rs 18,500 crore in 2006. This is an increase from Rs 14,000 crore recorded in 2005 and Rs 10,900 crore in 2004.
The report also states that the total organised retail market is around Rs 55,000 crore in the country, of which clothing and accessories account for 39 per cent. Food and grocery follows clothing and accessories with around 11 per cent of the total retail market.
The report also says that India has the youngest consumer profile as compared with the ageing population of the US, UK and Japan. Over 65 per cent of India's population is below 35 years of age. The composition of the Indian population is shifting more towards the age group of 20-49 years, which is the working population with purchasing power.
This shift is expected to a major driver of consumption, the study says.
On the rising income levels, the report says a large number of households are getting added to the consuming class with growth in income levels. There has been a 100 per cent growth in the addition of households, from 40 million in 1995 to 80 million households in 2005.
This has resulted in a significant increase in high-income group from 5.5 million households in 1995 to 18 million households in 2005 for the high-income group and from 18 million households to 31 million for the mass affluent during the same time span.
Initiated by India Retail Forum and Images F&R Research, global research and consulting agencies like AT Kearney, Ernst & Young, PricewaterhouseCoopers, Technopak, KPMG, ICICI, Synovate, Cushman & Wakefield among others contributed to the research report. |
