Country is emerging as a hub for brands from around the world; 90% of the top 50 global lifestyle brands are in India
A study has claimed that India is emerging as a hub for brands from around the world. 90% of the top 50 global lifestyle brands are present in the country. This market will be worth $210 billion in the next five years.
India is emerging as a hub for global lifestyle brands. 90% of the top 50 lifestyle brands from around the world are present in India. Many other global brands are preparing to come here. According to a study released on Wednesday by global consultant firm Bain & Company and lifestyle e-commerce platform Myntra, strong online sales, and the rapidly growing 'e-lifestyle' market have contributed to establishing India as a hub for global lifestyle brands. A large number of global fashion brands have demonstrated strong growth in India. It registered a growth of 20 percent year-on-year during 2018-23.
Nearly 50 percent of global brands already have revenues in India of over $30 million. More than 60 diverse lifestyle brands launched or planned to launch in the country last year. The study further said that online channels are the top choice for global brands entering the Indian market. These provide top brands with a large customer base and insight into market trends.
Fashion accounts for 80 percent of India's $130 billion lifestyle market. The lifestyle market is expected to grow at an annual rate of 10-12 percent to $210 billion in the next five years.
Shyam Unnikrishnan, partner at Bain & Company, said, India's e-lifestyle market has evolved significantly in the last few years. It has a diverse base of buyers. Two out of every three online shoppers are from outside the top 50 cities. One out of every two online shoppers are from non-affluent regions and one out of three shoppers are Gen-G (born between 1997 and 2012). According to the study, online purchases account for one dollar out of every five dollars spent on lifestyle.
