Updated April 30th, 2024 at 18:23 IST

Lifestyle disruptors; RBETA 2024 recognises India’s evolving lifestyle landscape

The event is set to acknowledge and celebrate the visionaries and trendsetters who have changed the lifestyle sector with their strong commitment and innovative

Reported by: Business Desk
RBETA | Image:RBETA
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Lifestyle disruptors: In India, the fashion and lifestyle sector ranks as the second-largest consumer category, boasting a value of $110 billion, with around 10 per cent of sales occurring online, totalling $11 billion, according to a Bain and Company report. According to projections, the online fashion market is set to expand further, reaching approximately $35 billion by the financial year 2028 (FY28), with an impressive compound annual growth rate (CAGR) of 25 per cent.

India's merchandise exports are also experiencing a strong surge, set to surpass 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.

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To mark the strides in innovation and transformative advancements within India's lifestyle industry, Republic Business proudly presents the inaugural edition of the Republic Business Emerging Technology Awards 2024 (RBETA 2024). 

The event is set to acknowledge and celebrate the visionaries and trendsetters who have changed the lifestyle sector with their strong commitment and innovative approaches.

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Sectors Fueling Lifestyle Market Growth 

The Indian lifestyle market is propelled by several key sectors, each contributing to its vibrant growth.

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Fashion and Apparel: At the heart of the industry lies fashion and apparel, a dynamic blend of traditional Indian attire like sarees and kurta-pajamas, alongside contemporary Western-style clothing. Both domestic and international fashion brands are vying for the attention of Indian consumers, driving competition in the market.

Health and Wellness: India's health and wellness sector is experiencing wide expansion as consumers prioritise their well-being. The 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, resonating with both local and global audiences.

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Home and Decor: With increased investments in homes, the home and decor segment is also thriving. Consumers in the country are seeking stylish yet functional furniture, home decor items, and smart home technologies. Additionally, there is a growing demand for interior design services and home improvement solutions.

Technology and Gadgets: India's tech-savvy population is driving growth in the technology and gadgets sector. As one of the largest smartphone markets globally, Indians eagerly adopt the latest gadgets, including smartphones, tablets, smartwatches, and home automation devices.

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Cuisine and Dining: India's diverse culinary, and tradition of innovation, has led to the expansion of the cuisine and dining sector. From fine dining establishments to street food vendors and gourmet food products, there is a wide array of options for food enthusiasts to explore.

Entertainment and Leisure: The entertainment and leisure industry offers a wide range of experiences, including cinema, music, gaming, and travel. With a burgeoning middle class and rising disposable incomes, Indians are increasingly engaging in various entertainment and leisure activities, contributing to the sector's growth.

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Reaching directly to customers

According to the Bain and Company report, for brands aiming 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. The metrics often reflect a brand's ability to achieve substantial revenue milestones, backed by prudent investments in brand identity and product excellence.

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A distinguishing factor for such successful brands is their adeptness at leveraging direct-to-consumer (D2C) channels to cultivate a loyal customer base. By owning the customer relationship and employing focused technology investments, these brands can optimise pricing strategies, manage inventory efficiently, and streamline operations.

To know more about Republic Business Emerging Technology Awards 2024 click here

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To be a part of RBETA 2024, click here.

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Published April 26th, 2024 at 16:17 IST