As the purchasing power of customers in those areas has decreased due to inflation, US and European importers of goods like bags, clothes, and jewellery are requesting that their Indian suppliers supply less expensive goods.
Since they can be up to 35% less expensive than the originals, synthetic leather shoes and bags are increasingly taking the place of real leather products in export orders for Indian vendors. While customers are requesting a reduction in garment export costs, demand for lab-grown diamonds has soared since they are less expensive than natural diamonds.
Ajay Sahai, director-general of the Federation of Indian Export Organizations, stated that several companies, including those in the gem and jewellery, textile, cosmetics, and other sectors, are observing the trend (FIEO). Therefore, we might conclude that low-value products are gaining popularity.