The first Institute Lecture for the academic year 2014-15 was delivered by Mr. Peush Narang, Director – Antar Advisors Pvt. Limited on Indian Consumer Behaviour in the context of Apparel Purchase. The session was chaired by Dr P.K. Yadav.
Mr. Narang pointed out that the Indian economy was expected to grow fast in the next decade. This growth was expected to be driven by the consumption of the young population of India. The demographic dividend gives India an advantage over other economies and it is well-poised to use that advantage. The analysis of the textile industry can be done through the perspectives of a manufacturer and of a consumer. From the perspective of a manufacturer, the analysis could be in terms of which fibre is being used in the production of apparel. Primarily, there are two types of fibres: natural and synthetic. In the year 1990, the share of natural fibres was nearly 50% globally. Now, led by the increased use and manufacture by China, man-made fibres constitute nearly 70% in the manufacture of apparel.
Speaking of India, the textile industry employs the highest manpower after agriculture and contributes nearly 14% to the GDP of the Indian economy. In 2014, India became the second largest exporter of textiles in the world and currently holds 5% market share in the world textiles market. Of all the apparel manufactured in India, 42% is menswear, 38% is women’s wear and kids’ wear constitute 20% . The share of the women’s wear is gradually but surely increasing as more and more women start joining the workforce and seek modern dress for the workplace. Currently, this segment is growing the fastest among all the segments in the industry.
As far as international trade is concerned, EU and US are the biggest trade partners with India. Mr Narang also looked at different variables affecting the industry in terms of traditional wear, jeans and explained the trends of consumption as well as aspects as harmful dyes, waste management, electricity consumption management and water management. The growth of online shopping is emerging as a threat to the traditional brick and kiln stores in cities. Companies will have to look at different strategies to combat the onslaught of online stores in the short-term. In the long term, they eventually will have to start some kind of online presence to survive in the market. Coming to environmental sensibility, a survey found that Indians are among the most conscious in this aspect with nearly 90% of respondents preferring cotton over other materials.
(Content Courtesy: Jijo George; Photo Courtesy: Abhinav Raghuvanshi)