Women spend on clothing rising 10 percent annually

While Indian men spend more on apparel shopping compared to women, a recent research shows now women are spending more as well and be at par with men by 2023. On the global level, women shop more and their wardrobes are larger than men. The women’s wear market in India was estimated to be valued at 15.5 billion dollars (over Rs 98,000 crores) in 2013, while the men’s wear market was at 17.6 billion dollars (over Rs 1,11,000 crores).

A recent study by Technopak Advisors reveals that women’s wear is now growing at a compounded annual growth rate of 10 percent and men’s wear growth is a little lower at nine percent. This will see men’s wear growing to 40.3 billion dollars (over Rs 2,55,000 crores) and women’s wear to 39.3 billion dollars (over Rs 2,48,000 crores) by 2023, the study said.