Being one of the largest countries in the world, India also has a high customer base for retail. The country's economy is slated to witness one of the highest growth rates in the coming decade. A better economy also means a better buying power. International brands have been eyeing this opportunity, and India has come under the limelight in the last few years.
At the same time, Indian customers are becoming more aware of trends and have started taking a keen interest in becoming more fashionable. More and more Indians are becoming brand conscious, thanks to a big push by social media. This not only holds true for the bigger metro cities, but fashion is now penetrating Tier II and Tier III cities like never before.
The Indian market has some peculiar qualities, and there are some key reasons why it is deemed to be the next big market for fashion brands. The growing economy here is the result of a combination of higher employment, better incomes, and consequently higher consumption. There is the growth seen at every level in the market, which means that there is room for every type of brand, and varied price points.
India is an extremely diverse nation which also gives brands the opportunity to satiate the different fashion tastes in the country. The rising middle class is creating a huge demand for fast fashion and value brands. Because of this, retail giants like H&M and Uniqlo are going bullish on their investment in the country.
This report discusses these characteristics of the Indian market and many other factors that determine the buying behaviour of the Indian consumer.
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