Indians trim purchasing budgets for marriage ceremony amid excessive inflation

New Delhi: India’s massive fats marriage ceremony purchasing isn’t slicing it this season, with a majority of merchants surveyed by trade affiliation Clothes Manufacturing Affiliation of India (CMAI) reporting average-to-poor gross sales.

CMAI surveyed over 100 marriage ceremony clothes producers to evaluate client demand within the just lately concluded marriage ceremony season in Could and June. “As many as 77% of the survey respondents indicated common to poor gross sales previously season. Greater than 60% of the respondents attributed the weak efficiency to the overall financial slowdown, whereas 14% attributed it to excessive costs. Nevertheless, 13% respondents felt the lesser variety of auspicious dates as in comparison with the earlier season contributed to the drop in gross sales,” in keeping with the findings of the survey launched Wednesday.

India’s marriage ceremony market is a large driver of gross sales for the attire and jewelry trade.

Over 80% of respondents reported “no progress“ as in comparison with the earlier season. In the meantime, shoppers opted for cheaper materials and outfits.

“Most respondents (40%) indicated a drop in gross sales of 10%- 25% over the earlier 12 months. A big majority, virtually 85% of the respondents, indicated that economically priced merchandise fared higher than the dearer varieties. Lighter embroideries and pastel colors have been extra in demand as per the survey outcomes,” they stated.

The market is witnessing a “pretty important” slowdown pushed by excessive inflation, stated Rajesh Masand, president, CMAI. “The primary quarter of the present monetary 12 months is prone to be disappointing for the trade, and the affect is being felt by each the worth in addition to the higher segments of shoppers,” Masand stated.

In the meantime, client preferences are altering too. “Publicity to western tradition with accessibility to content material over social media platforms are influencing the dressing patterns, and vogue sense amongst the youth, which is inflicting a gradual shift from conventional clothes to western clothes particularly within the ladies’s put on section. However, some type of a ‘return to custom’ is being seen within the males’s put on section, with extra males desirous to put on conventional clothes throughout festivals and weddings,” stated Rahul Mehta, chief mentor, CMAI.

Very similar to different industries, attire makers, too, have been witnessing unusually excessive uncooked materials inflation that has pushed up costs for shoppers; that is regardless of shoppers returning to shops. CMAI estimates that the attire trade grew between 15% and 20% final fiscal. “With the prices of uncooked supplies as effectively over all value of manufacturing up considerably, progress has been totally price-led, and the volumes would nonetheless be under the earlier 12 months by 3-5%,” CMAI stated.

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Up to date: 28 Jun 2023, 02:15 PM IST