According to a study conducted by Bain & Company and Myntra, India’s lifestyle market is expected to reach $210 billion by 2028, with online penetration reaching 18%. This growth is driven by factors such as increasing disposable income, urbanization, and changing consumer preferences. The study also highlights the impact of the COVID-19 pandemic on the lifestyle market, accelerating the shift towards online shopping.
The study predicts that the online penetration in the lifestyle market will increase from the current 5% to 18% by 2028, indicating a significant shift towards e-commerce in the coming years. This presents a huge opportunity for online retailers to expand their reach and tap into the growing consumer base.
The report also emphasizes the importance of personalized and curated shopping experiences for consumers, as well as the role of technology in enhancing customer engagement. It states that brands and retailers will need to focus on digital transformation to stay relevant and competitive in the evolving market landscape.
Overall, the study paints a positive picture of the future of India’s lifestyle market, highlighting the potential for significant growth and expansion in the coming years. With online penetration expected to increase, e-commerce players will play a crucial role in meeting the needs and preferences of Indian consumers. By leveraging technology and focusing on personalized experiences, brands and retailers can capitalize on the opportunities presented by this rapidly evolving market.
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