Fashion accounts for as much as 80% of the $130 billion lifestyle market, reveals a recent study by Bain & Company in collaboration with Myntra. The report further revealed that the beauty and personal care component is expected to grow at roughly 12% compound annual growth rate (CAGR), expected to reach $210 billion in the next five years. India’s e-lifestyle market is poised to grow from around $17 billion in 2023 to as much as $45 billion in 2028.
“India’s e-lifestyle market has come of age in the last few years, with a diverse shopper base – 2 in 3 online shoppers are from beyond top 50 cities, 1 in 2 are from non-affluent segments, and 1 in 3 are Gen-Z. There still exists massive penetration headroom. 1 in 5 dollars spent on lifestyle will be online,” Shyam Unnikrishnan, partner, Bain & Company, said.
Another trend derived from the report is the rise of the trend-first fashion market in India with an expected growth reaching $5 billion by 2028. Furthermore, the online share of the trend-first fashion, which currently is at 35%, is expected to increase to 55%. The report also states that more than 175 million customers shopped for lifestyle online across the country whereas around 45% first time e-commerce shoppers opt for lifestyle as their first purchase.
“Three in five global brands have entered India via the online channel in the past year and we are proud to have contributed to the launch of some of these global brands in the country. A well-rounded and high-decibel launch, facilitating easier discovery, access to intel about the needs of Indian fashion-forward consumers and Myntra’s reach to 99% of serviceable pin codes are among the key factors enabling the scale-up of the global brands in the sub-continent,” Nandita Sinha, CEO, Myntra.