Hike In Price Helps Market Grow By 15% In FY23

According to the Clothing Manufacturers Association of India (CMAI), India's garment market grew 15% between 2022 and 2023, however price increases were the only factor driving sales growth while consumer purchases declined 3% in volume. Although sales growth has exceeded pre-Covid levels, the group, which represents more than 20,000 garment makers and retailers in the market, claims that the segment's demand recovery may not occur until this year's Diwali.