Fastest growing industry -Fashion Industry

Just like IT and technology, the fashion industry has also taken a rise from the last 3 years. The annual industrial growth globally has been 5.5%. If we take notes of the McKinsey Global Fashion index it would be the world’s seventh-largest economy in later years.

Growth and challenges in the fashion industry: –

Along with the opportunities the fashion world is coming about to take up the challenges as well. The rise and growth cannot be taken for granted as the industry cannot go along with its old success mantras. The reasons for this can be seen as the rise in per capita income and the rise in the standard of living. People today are now bolder and upfront as to what they were some 5 years back, with a difference in their taste. This new generation is experimental and precise with their own tastes and beliefs. So to keep up with the consumers, the players need to be more expeditious keeping their own views to rest and enter into a self-disruption mode. India has become a center point for the fashion industry because of the growing middle class and the rise in economic rate. Also, the savvy technologies are at a decent height bringing in the growth and opportunities for the fashion industry.

Change of strategies: –

These fashion players like NOW Entertainment are thinking more digital nowadays as the life has become faster and people are devoting more time towards their work rather than spending time on themselves, and to bring ease to the customers and to be time saver these fashion players have their own digital marketing strategies. With numerous online marketing sites like Now Entertainment. These fashion retailers have brought their stores at your doorstep with easy 24/7* access bringing in the huge rise in the sales department. These online shopping sites allow its customers to pay in various modes like UPI, Paytm, Net banking, they also avail COD (cash on delivery) on various products.

This digitalization has also brought a tremendous rise in the sales of the fashion industry as they have some of the best promotional offers and vouchers for their customers and easy refundable policies.

Political impact and global annual income growth: –

The impact of political terms is no less on the fashion industry. Yet dealing with all the cons and challenges the fashion industry is maintaining a $1.2 trillion income globally. Out of which, the United States spending $250 each year. Similarly, the most growing country from the year 2012 to 2025 in India with a CAGR of 12%, followed by China and Russia with a CAGR of 10 and 8 percent respectively. Also, countries like Brazil and Australia are not far behind with a CAGR of 5%.

Final conclusion: –

Looking at the above statistics it is clear that the Fashion industry will be amongst one of the highest income-generating industries by the year 2025.