After many years of double-digit retail current value growth, designer apparel and footwear has turned to significant decline in 2020. COVID-19 led to nationwide lockdown from 25 March 2020 until the end of May, and other regional lockdowns were also seen at various times later in the year.
Even on reopening, many consumers have remained reluctant to shop in person for fear of contracting the virus. Some aspirational consumers at the lower end of the luxury consumer base have also become more careful with their finances due to uncertainty about the scale of the economic impact of the pandemic, both in India and globally.
Women’s designer apparel has remained the largest category within designer apparel and footwear in 2020, and has also seen the slowest declines in both retail volume and current value terms in this year. This category has seen the strongest price reductions to try and clear the backlog of stock, which helped to limit the fall in sales.
Designer apparel and footwear is set to return to growth in both retail volume and current value terms in 2021, with this strong performance set to continue throughout the forecast period. However, growth rates are expected to be lower than those seen in the review period, and the category is not set to return to the levels of sales seen before the pandemic, in 2019, until 2024.
Consumers have become more aware about maintaining their health as a result of COVID-19. This is expected to increase sales of sportswear, and athleisure products in particular.
Sustainability is expected to be another factor which will gain importance in the coming years. Although this was becoming increasingly important to consumers in the review period, this trend has been accelerated by COVID-19.
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Understand the latest market trends and future growth opportunities for the Designer Apparel and Footwear (Ready-to-Wear) industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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This report originates from Passport, our Designer Apparel and Footwear (Ready-to-Wear) research and analysis database.
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