1) Take the total population
2) Segment in terms of income segment
3) Segment in terms of gender ( female tends to wear more)
4) Segment in terms of Age group ( adults wears most)
5) Take Average consumption of each income class ( different for each class)
6) Add all. You will get the answer
Cheers,
Ankit
Hi Khushi,
this is (at least) the third market sizing question you post in a short time. Without any context, an ask for help or a thank you.
So, how about you do the work, present two or three ways, and then ask for feedback?
We're not your personal case assistants, we're experts who provide advice and feedback.
best,
Elias
Hi,
I would suggest that you present your own approach and I would be happy to review.
Meanwhile please see below my approach to segmentation in market sizing as well as examples of solved cases:
B2C:
-Demographics (Age, education, income, family size, race, gender, occupation, nationality)
-Behavioral (Purchasing behavior, customer journey stage, occasion & timing,
customer loyalty & interest, risk tolerance, user status)
-Psychographic (Lifestyle, personality traits, values, opinions, interests of consumers)
-Geographic (Geographical boundaries)
B2B:
-Company characteristics (Industry, company size, number of employees)
-Geography (Geographical boundaries)
-Purchasing Approach (Occasion & timing, customer capabilities, nature of existing relationship)
-Personal Characteristics (Loyalty, risk attitude, user status)
B2G:
-Demographics (Type of agency, size of budget, the amount of autonomy)
-Geographic (Geographical boundaries)
-Government Tier (Federal , State, Local, Quasi-governmental, International)
-Bid type (Closed, Open)
But sometimes you don’t need to segmentation. Here is an example of case that could be solved with high level top down approach - estimate the size of credit card market in the US:
https://www.preplounge.com/en/consulting-forum/how-should-i-approach-the-following-question-estimate-the-market-size-of-credit-cards-in-the-us-6695
