RBETA 2024 Acknowledges India’s Changing Lifestyle Trends: Lifestyle Disruptors

The Indian lifestyle market is experiencing a significant boom, with the fashion and lifestyle sector ranking as the second-largest consumer category in the country. With a value of $110 billion and around 10 per cent of sales occurring online, totaling $11 billion, the sector is poised for further growth. According to a Bain and Company report, the online fashion market is projected to expand to approximately $35 billion by the financial year 2028, with an impressive compound annual growth rate of 25 per cent.

In addition to the fashion and lifestyle sector, India’s merchandise exports are also on the rise, set to double their current value by 2025. In 2022, India achieved a milestone with merchandise exports reaching $40.38 billion, up by close to 15 per cent from $35.26 billion.

To celebrate the innovation and transformative advancements within India’s lifestyle industry, Republic Business is proud to present the inaugural edition of the Republic Business Emerging Technology Awards 2024 (RBETA 2024). The event aims to recognize and celebrate the visionaries and trendsetters who have revolutionized the lifestyle sector with their commitment and innovative approaches.

The Indian lifestyle market is fueled by several key sectors, each contributing to its vibrant growth. The fashion and apparel sector, which blends traditional Indian attire with contemporary Western-style clothing, is at the heart of the industry. Both domestic and international fashion brands are competing for the attention of Indian consumers, driving competition in the market.

India’s health and wellness sector is also experiencing significant expansion as consumers prioritize their well-being. This trend has led to the proliferation of gyms, fitness studios, organic food products, and wellness services. Traditional practices such as Yoga and Ayurveda have seen a resurgence, appealing to both local and global audiences.

The home and decor segment is thriving as consumers seek stylish yet functional furniture, home decor items, and smart home technologies. There is also a growing demand for interior design services and home improvement solutions.

India’s tech-savvy population is driving growth in the technology and gadgets sector, with Indians eagerly adopting the latest gadgets, including smartphones, tablets, smartwatches, and home automation devices.

The cuisine and dining sector is expanding due to India’s diverse culinary landscape and tradition of innovation. From fine dining establishments to street food vendors and gourmet food products, there is a wide array of options for food enthusiasts to explore.

The entertainment and leisure industry offers a variety of experiences, including cinema, music, gaming, and travel. With a growing middle class and rising disposable incomes, Indians are increasingly engaging in various entertainment and leisure activities, contributing to the sector’s growth.

For brands looking to scale profitably in this tech-enabled landscape, key metrics such as annual growth rates exceeding 50 per cent YoY and maintaining positive EBITDA between 5 per cent and 20 per cent are crucial benchmarks, according to the Bain and Company report. Successful brands are adept at leveraging direct-to-consumer (D2C) channels to cultivate a loyal customer base, optimize pricing strategies, manage inventory efficiently, and streamline operations.