New Delhi, Nov 23 (UNI) Assocham today projected that the fashion industry was poised to leapfrog from current level of Rs 270 crore to Rs 750 crore by 2012 as a result of corporates making big-ticket investments and changing consumer tastes.
Consumer increasingly are shifting to designer wear, emergence of new shopping malls displaying the wears of fashion inustry and the impact of western media on Indian consumers have been listed as some of the factors resulting in change of consumer tastes.
In an analysis conducted by the industry body Assocham on 'Indian Fashion Industry', said the Indian fashion industry accounts for barely 0.2 per cent of the international industry's net worth which is about Rs 1,62,900 crore and growing at 9.5 per cent every year.
As per the estimates, Indian designer wear commands a category engagement of 66 per cent for male customers and 57 per cent for female customers. The category engagement in western designer wear is five per cent. Excluding western wear, the per capita per annum spends on designer wear for men is Rs 48,627 and Rs 56,271 for women.
About 60 per cent of male shoppers and 72 per cent of female shoppers prefer shopping for designer wear in departmental stores.
Comparatively, 46 per cent of male buyers and 38 per cent of female buyers vouch for exclusive brand showrooms.
''The government should establish more fashion institutes across the country with R&D facilities developed in each state or at least every zone so that the regional expertise in apparel are brought to light and blended with other regional and international deigns to produce high breed design,'' Assocham President Venugopal N Dhoot said.
The frequency of purchase is the highest amongst youngsters.
However, women in the 41 to 50 years age group are also big shoppers. The northern and western regions of the country account for the highest shopping of designer apparel.
As per estimates made by Assocham the Indian apparel market was worth Rs 1,11,000 crore in March 2007 and will to touch a size of 1,30,000 crore by 2008. More than 81 per cent of the population is below 45 years, who are the fashion conscious. The growth of the branded apparel industry in the interim has been a humungous Rs 30, 000 crore in 2006-07.
The Indian fashion industry is also at an advantage over other countries as far as its growth prospects are concerned because India is the third-largest cotton producing country in the world and also possesses an abundance of talented designers.
In India, Western inspiration is increasing due to the influence of TV and films. Besides, shopping malls selling branded clothes have also mushroomed in India and are fascinating the youngsters.
Women feel that Western clothing is more suitable, particularly when working or using public transportation. Many corporate offices are also in favour of their employees wearing Western wear.