India’s lifestyle market to hit $210 bn by 2028 riding on economic growth
Updated: Aug 14th, 2024
As disposable incomes rise amid overall economic growth, India’s lifestyle market is expected to grow at a CAGR of 10-12% to reach $210 billion by 2028, according to a report.
It is currently valued at $130 billion in 2023, stated the report by Bain&Company and Myntra that provides a comprehensive overview of the evolving e-lifestyle landscape in the country.
It showed that the country’s online fashion and lifestyle market will grow from $16-17 billion to $40-45 billion by 2028.
The report added that the penetration of e-commerce in the lifestyle sector will increase from the current 13% to 18-22% by 2028. This means about one in five dollars spent on lifestyle will be online.
Currently, more than 175 million Indians shop online for lifestyle products and make an average of 6-7 transactions per year.
The report noted that Gen-Z shoppers, about 60 million, are driving the online shopping landscape.
Unlike the non-Gen-Z category, they have a higher purchase frequency of 8-9 times per year.
Fashion rules the e-lifestyle market with a 75-80% share, followed by beauty and personal care.
Further, the report showed that of the top 50 global lifestyle brands, 90% are active in India. And half of these generate more than $30 million in revenue.
Easing inflationary pressures, rising incomes, a surge of fashion-forward Gen-Z shoppers, and a shift towards organised retail are some factors driving this growth. In addition, technology advancements, such as AI-driven personalisation, virtual try-ons, and voice-assisted shopping, are also enhancing the online shopping experience.
(This story was taken from a syndicated feed and was only edited for style by Guajrat Samachar Digital staff)
Also read:
