Fashion has always been characterized by the word 'inspiring'. The amazing aspect is that both fashion and inspiration have been keeping at each other's side since eternity- It's either those quirky creative minds that delve into artisans dominated territories for a muse or fashion at large, that has inspired the artists in everyone of us. In the process, fashion has emerged as a great yet risky business proposition for various people. And lately, brands that have been able to understand the nerve of consumers, especially in the emerging economies have been topping the charts of sales and global popularity.
One such fine example is India where the entries of international fashion brands have helped streamline the fragmented and raw market. While the country has been embossed as the birth- place of various creative arts, it has failed to capitalize on this industry. Emergence of handful of Indian and international fashion brands has only helped the affluent class, as they are a sect that can afford the price quoted by such brands.
In recent times, however, there has been a huge transformation in the consumer lifestyle in India. This transformation is influenced by the geo demographics, social cultural factor, psychographics, preferences, norms and behaviour of consumers at different levels. A life full of luxury and comfort has become the want of Indian consumers. The consumer culture In India is being offered a big boost by the Indian Middle Class. The reasons are fast growth of services sector per capita income of the populace has increased. The rise of disposable income continues to drive increase spending on consumer goods irrespective of their country of origin.
The middle class is mainly dominated by the young and aspiring youth that wants everything up to trend in his/ her wardrobe without burning a hole in pocket. International brands have been en-cashing on this opportunity and are rolling out chic products that cater to the need of this young and dynamic populace. Fashion, in true sense has become a game- changer at large. It is not just enhancing people’s personality but also various products that were once considered boring and therefore were shunned by the consumers. Spectacle is one such fine example. The category that was once considered as a nanny and granny product line has lately seen a beautiful transformation. Brands like Nau have been studying the consumer needs and their mindsets to build a strong product portfolio.
Spectacles now have come out of the back lanes and turned more into an accessories option for the youth and celebrities. This rising phenomenon of spectacles becoming a must- have accessory of next gen in order to look more chic is leading the optical industry to grow by leaps and bound. The international brands have been able to successfully marry looks with performance resulting in a profitable proposition for them.
Globalization has led the entire world to become a single market. It is now a global village and the process of globalization immensely aided exchange of goods and services. This has largely declined the importance of international boundaries and the emphasis is on the actual consumer demands.
(Author Vaibhav Sharma is India operations and strategy head- Nau! & Director at Trinity Group)
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