New Delhi [India], August 7 (ANI): The Indian lifestyle market is expected to grow at a 10 to 12 per cent CAGR to reach USD 210 billion over the next five years, according to a joint report by Bain & Company and Myntra. The organised segment will play a significant role in the growth of the lifestyle market where the fashion segment will account for almost 80 per cent and the rest of beauty and personal care (BPC), is expected to grow at a 10 to 12 Compound Annual Growth Rate (CAGR), as per the report. Anticipating the growth, the report anticipated that India's e-lifestyle market will grow from USD 16 USD 17 billion in 2023 to USD 40- USD 45 billion in 2028.
Factors such as the easing of short-term inflationary pressures, combined with structural and favourable demand shifts, such as rises in income, the growth of fashion-forward, digital native Gen-Z shopper bases, and an increase in demand for organized and branded products will play a significant role in the growth of the lifestyle segment, as observed in the report. Additional tailwinds come from superior customer value propositions of trendy selection, faster delivery, easier returns, a tech-enabled purchase journey, social media-powered discovery, and omni-access. This will bridge the massive penetration headroom versus global markets such as the US, China, and Germany, which are at 35 per cent+ e-lifestyle penetration; as such lifestyle penetration in India will grow from 13 per cent to 18-22 per cent over 2023-28, as.