India: retail to account for 1.2 trillion in 2020
The Indian consumer market should account for 1.2 trillion euros in 2020, as compared to the 493 billion euros it accounts for today, according to the Confederation of Indian Industry. Progress should especially be bolstered by an explosion in online sales, expected to grow by at least 100 billion euros in five years.
This assessment by the Confederation of Indian Industry should be put into perspective with previous studies predicting that the local clothing and textile market will reach 126 billion euros (141 billion dollars) by 2021. Currently valued at about 60 billion dollars, the Indian domestic market for textiles and clothing constitutes the world's largest market after China.
The progress hasn’t escaped the notice of major retailers, who have successively announced or accelerated their involvement in the market. Zara arrived in the country in 2010. H&M, meanwhile, announced its arrival this year, following an initial report - its arrival also coinciding with that of Gap.
€1 = $1.10/£0.79
Copyright © 2021 FashionNetwork.com All rights reserved.