According to a recent study by Bain & Company in partnership with Myntra, fashion accounts for 80% of the $130 billion lifestyle market. Moreover, the beauty and personal care segment is expected to grow at a compound annual growth rate (CAGR) of around 12% to reach $210 billion over the next five years. The Indian e-lifestyle market is expected to grow from around $17 billion in 2023 to $45 billion by 2028.
“The Indian e-lifestyle market has matured over the past few years with a diverse shopper base. Two in three online shoppers are from outside the top 50 cities, one in two are non-affluent and one in three is Gen Z. There is still a lot of room for penetration. One in every five dollars spent on lifestyle will be spent online,” said Shyam Unnikrishnan, partner at Bain & Company.
Another trend derived from the report is the rise of the trend-driven fashion market in India, which is expected to reach $5 billion by 2028. Moreover, the online share of trend-driven fashion, currently at 35%, is expected to increase to 55%. The report also stated that over 175 million customers across the country have purchased lifestyle products online, with around 45% of first-time e-commerce shoppers choosing lifestyle products as their first purchase.
“In the past one year, three out of five global brands have entered India through online channels and we are proud to have been a part of their India presence. Comprehensive scale and reach, facilitating easier discovery, access to information on the needs of fashion-conscious Indian consumers and Myntra’s reach in 99% of serviceable postal codes are key enablers for the expansion of global brands in the Indian subcontinent,” said Nandita Sinha, CEO, Myntra.
Follow us on Twitter, Instagram, LinkedIn, and Facebook