The festival and wedding seasons are key sources of growth for the apparel retailer in the third quarter. According to Crisil Limited, it accounts for 35% of India's annual revenue. (File photo)New Delhi:
This year, the festive season brought a little less shine for the apparel retailer. But as the wedding season begins in India, they remain optimistic. According to the Confederation of All India Traders (CAIT), the country's largest traders' group, rs 23.15 lakh crore is expected to be spent on gold jewellery, clothes and other consumer goods in the upcoming wedding season that runs from November 4 to December 74
According to a report by
BQ Prime, a large part of this expenditure will be spent on jewellery, followed by suits to sarees. CAIT's estimate points to a boom in the economy. But weaker-than-expected sales this festive season have left India's massive Rs 6.8 lakh crore unorganised apparel market uncertain about what the wedding season will be like. Festival and wedding season are key drivers of growth in the third quarter. According to Crisil Limited, it accounts for 35% of India's annual revenue.
Rahul Mehta, chief mentor of the
Clothing Manufacturers Association of India, said, "Consumer sentiment remains weak." "About 166% estimated that mid-price range clothing would perform even better than expensive clothing or low-priced clothing."
However, CMAI, the top apex retail industry representing 20,000 retailers, told BQ Prime that there has been an encouraging increase in demand in the last few days. "Ethnic wear is doing particularly well, and we're hoping the wedding season will be good."