Shoes once considered a pure utilitarian product has slowly transformed itself into a cultural identity. This shift is also gaining traction in India with a lot of factors contributing to its rise to name a few: High Disposable Incomes, Internet Penetration and the advent of Streetwear. Moreover, what a majority of the previous generations in India considered a Fad, probably a good 4 years ago, is now creating major shifts in consumer preferences and is already a Billion Dollar Business. Let’s delve deep into this growing sub sector of streetwear fashion.
Explaining the BOOM
Sneaker Industry in India is expected to grow at a CAGR of 7%, quite significantly outpacing the footwear industry in India with the overall projected revenue of well over $2.5 Billion in 2024. But what exactly is fueling this growth? Let’s decode!