India is the second most populated country in the world and has 5% market share in the export market of handicrafts. Still the smaller countries have also a 4 - 5% rate of market share in their growth sector, so there is still indication that India has a wider scope of the growth in revenue potential in the textile market.
There are following drivers of growth in International Market of handicrafts -
Demographic Demand -
India is a populated and inhabited country of more than 1 billion people and approximately of them is the population of young people with different mindsets. and they are eager more to earn money at a very fast pace and how much their spending power will increase, their spending power will also increase. The handicraft and textile market will not be deprived from this situation.
Ambition oriented purchasing power -
Gone are the days, when people had to spend the money for merely needs. But with the increasing power of purchasing, the people are getting more and more ambitious. In the metro cities of the worldwide people are willing to more spend because their purchasing power is increasing.
Increasing urbanization -
Today people are moving from rural areas to urban areas in the need of better employment. Later on the power of money is definitely coming in the hands of people and their demand patterns are changing.
Growth in online retail sales -
Since the revolution of the internet, the online retailing is coming in to its existence. From 2015, the apparel market is increasing at more speed. Its worth is more than 1 billion dollar. Still people are hesitating to adopt online market in spite of the online scams.
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by - C table