Designer kids wear market to hit Rs 95,000 crore by 2016
Higher disposable income of the parents, peer pressure and brand consciousness among children are likely to drive the growth of kids apparel market in India from the current level of Rs 72,000 crore to Rs 95,000 crore by 2016, according to a study.
The study conducted by industry body Assocham shows that the country's kids apparel market has been growing at a compounded annual growth rate (CAGR) of about 20 per annum, and this trend is likely to continue atleast till 2016.
It found that fashion consciousness in children has percolated down to Tier-II and Tier-III cities like Dehradun, Ludhiana, Pune, Nashik, Indore, Varanasi, etc. Moreover, online shopping websites have also been selling branded kids wear and accessories for the age group between 2-16 years.
"Children have become brand conscious, parents have more money and peer pressure is growing. This is the only segment which has not been impacted by the economic slowdown and is poised for significant growth," Assocham Secretary General D S Rawat said.