Speaking about the industry outlook, Rajesh Masand, President, Clothing Manufacturers Association of India (CMAI), said, "The domestic apparel industry in India has been a crucial contributor to the growth of the economy. In recent years, the industry has witnessed a muted demand for textiles and clothing both domestically and internationally. However, the sector's growth potential is immense, owing to the country's demographic and economic potential, leading to many opportunities for businesses and employment. The industry can leverage these opportunities while addressing the challenges to continue growing and contributing effectively to the Indian economy."
"The ongoing withdrawal of Rs. 2000 notes by the Reserve Bank of India has created an unusual opportunity for the Retail Trade, as consumers may want to utilise their notes in spending rather than queuing up at the banks-and this might lead to preponement of shopping activities for the upcoming festive season," Rajesh Masand further added.
The Reserve Bank of Indias consumer confidence survey from January 2023 indicates slight improvement in sentiments for spending from 70.2 to 70.8. Though consumers' sentiment on current expenses witnessed some moderation, but their expectations of overall spending improved marginally for both essential and non-essential items.
Adding to this Rahul Mehta, Chief Mentor, Clothing Manufacturers Association of India (CMAI), said, "The industry is gearing up for the festival season with new collections and offers, hoping for a surge in demand for traditional clothing, as well as modern and western attire. The demand for apparel during the festival season is not limited to just one particular segment of the market; it encompasses a wide range of clothing, including ethnic wear, western wear, fusion wear, and more. Furthermore, there has been a significant increase in demand for comfortable clothing, such as loungewear and athleisure wear."
"There is also an increased trend towards eco-friendly and sustainable fashion, which can benefit small and medium-scale producers of traditional textiles," added Santosh Kataria, Chairman of CMAI's North India Garment Fair.
The recently concluded Fabrics, Accessories & Beyond Show 2023 (FAB Show 2023) organised by the Clothing Manufacturers Association of India (CMAI) in April 2023 generated business of about Rs. 2000 crores during the three days of the B2B events. This year the CMAI FAB Show 2023 witnessed over 12, 000 visitors including more than 1500 top platinum buyers and brands including Amazon, Ajio, Anita Dongre, Bewakoof, DMart, Firstcry, Jack & Jones, Killer, Lifestyle, Max, Myntra, Mufti, Raymond, Nykaa, Pantaloons, Pepe Jeans, Pothys, Shoppers Stop, Siyaram's, Soch Apparel, Spykar, V Mart, Westside, Zudio, among many others.
The domestic apparel industry in India is an important sector that plays a vital role in the countrys economy. With the festival season of 2023 fast approaching, it is imperative that industry players closely monitor consumer behaviour and trends to ensure they stay ahead of the curve.
About CMAI
The Clothing Manufacturers Association of India (CMAI) is the most representative association of the Indian apparel industry having over 4000 members and serving more than 20,000 Retailers. Its Membership consists of Manufacturers, Exporters, Brands, and ancillary industry.
CMAI advocates regarding policies and also guides and encourages its members on ESG related matters and initiatives. In 2019, CMAI launched the SU.RE initiative to encourage members to embrace sustainability.
Established six decades ago, CMAI has contributed immensely towards development of the industry. In 1978, CMAI had led the creation of the Apparel Export Promotion Council (AEPC). CMAI is also authorised by the Government of India to issue Certificate of Origin (Non-Preferential) to Exporters.
CMAI is the only Indian Association that represents the entire Indian Apparel Industry & Trade on prestigious international forums such as International Apparel Federation (IAF) headquartered in Netherlands.
Visit: www.cmai.in | Follow twitter.com/CMAI_Official
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