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Indian Consumers' Growing Appetite for Premium Products

Robots · 1y ago

Indian Consumers' Growing Appetite for Premium Products

Indian consumers are increasingly opting for premium products and services across various sectors, from real estate to smartphones and luxury hotels. The shift in consumer behavior presents opportunities for businesses to cater to growing demand for higher-end offerings. Analysts suggest that rising incomes, COVID-19-induced changes in spending habits, and easier access to credit have contributed to this trend. However, improving workforce participation, especially among women, is essential for sustaining and accelerating this growth.

Related News

Consumers willing to pay for premium products: Lenskart’s Peyush Bansal

Economic Times

Economic Times · 1y ago

Consumers willing to pay for premium products: Lenskart’s Peyush Bansal

Consumers are willing to pay more for premium products as they seek differentiation and an enhanced lifestyle, according to Lenskart founder Peyush Bansal and BlueStone founder Gaurav Singh Kushwaha. They emphasized that people are willing to invest in brands that embody trust and a compelling proposition, rather than just being influenced by advertising. Kushwaha noted that younger Indian consumers are especially willing to pay higher prices for products or services that stand out. Nykaa founder Falguni Nayar also highlighted the growing importance of the beauty and fashion sectors in driving consumption in India.

Announcing The D2C Retreat – Unlocking India’s Consumption Story

Inc42 · 1y ago

Announcing The D2C Retreat – Unlocking India’s Consumption Story

India's retail industry is experiencing a significant transformation, driven by a growing desire for premium products. Consumers are trading up their preferences, leading to a surge in premiumisation across both urban and rural markets. Inc42, a leading platform in shaping India's direct-to-consumer (D2C) narrative, is launching The D2C Retreat. This exclusive three-day conference aims to bring together D2C founders, retail leaders, and industry experts to discuss emerging trends, share insights, and drive innovation in the Indian retail space. The rise of premium offerings is evident, with big players like Hindustan Unilever, ITC, and Parle launching a considerable percentage of premium products in recent years.

Amazon India sees festive surge in luxury sales: Apple tablet sales up 10x, beauty segment grows 4-fold | Company Business News

Livemint

Livemint · 9m ago

Amazon India sees festive surge in luxury sales: Apple tablet sales up 10x, beauty segment grows 4-fold | Company Business News

Premium products were in high demand during the Amazon Great Indian Festival (AGIF) 2024, with categories such as televisions, smartphones, and large appliances seeing significant growth. There was a clear trend of premiumisation, with consumers opting for higher-end products across various segments. Large-screen TVs accounted for 30% of total unit sales and there was strong demand for Apple and Samsung tablets. Additionally, the fashion and beauty segment saw a 400% spike in premium categories. Amazon India witnessed a 20% increase in customer visits during the AGIF 2024 compared to the previous year.

India beauty and personal care market to touch $34 billion by 2028: report

Economic Times

Economic Times · 11m ago

India beauty and personal care market to touch $34 billion by 2028: report

The Indian beauty and personal care (BPC) market is set to reach $34 billion by 2028, driven by increasing online penetration and a preference for premium beauty products. The online channel is expected to grow at a CAGR of 25%, while the offline channel will grow at 14%. Nykaa, a major player in the market, plans to reduce delivery timelines and expand its hyperlocal capability. Rising discretionary spending and higher incomes among Indian consumers are driving the demand for premium beauty products. Non-metro cities present significant opportunities for brands, with a higher growth potential compared to metros. Influencer marketing spend in India is projected to grow at a CAGR of 40-45%.

Japan's WHILL Ventures into India with eBikeGo to transform India's personal mobility landscape

IndianStartupNews

IndianStartupNews · 1y ago

Japan's WHILL Ventures into India with eBikeGo to transform India's personal mobility landscape

Japan-based personal mobility solutions provider WHILL has entered the Indian market through a partnership with eBikeGo, an Indian electric mobility startup. With eBikeGo's deep understanding of the local market, WHILL aims to offer premium mobility solutions to Indian consumers. WHILL has launched two products in India: the Model C2, an off-road performance mobility chair, and the Model F, a lightweight, foldable mobility chair. The partnership will focus on promoting WHILL's products through collaborations with various organizations and targeted marketing campaigns.

Following the scent: Niche perfume makers see mass-premium market beyond deos

Livemint

Livemint · 8m ago

Following the scent: Niche perfume makers see mass-premium market beyond deos

Niche Indian home and personal care companies are targeting the mass-premium segment of the fragrances market, offering high-quality, affordable alternatives to international brands. Isak Fragrances and Boond Fragrances are expanding their product ranges and educating consumers on the different types of fragrances. Other companies, such as Plum and Renee Cosmetics, are also capitalizing on the opportunity. However, the market remains fragmented and unorganised, making it challenging for brands to establish themselves and combat fakes and clones. Despite this, the interest in specialty fragrances, particularly among younger consumers, is growing rapidly.

World Environment Day: Fintech platform Klub allocates Rs 100 Cr to support eco-friendly brands

YourStory

YourStory · 1y ago

World Environment Day: Fintech platform Klub allocates Rs 100 Cr to support eco-friendly brands

Indian revenue-based financing platform Klub has established a special capital pool of INR 100 crore ($14 million) to support sustainable Indian brands. The company aims to assist at least 150 eco-friendly businesses by 2025, in alignment with the Indian government's sustainability objectives. Klub aims to empower entrepreneurs committed to sustainability and innovation, providing them with the necessary resources to thrive and make a meaningful impact. This move comes as the demand for eco-friendly products increases, with over 60% of Indian consumers reportedly willing to pay a premium for sustainable goods.

SurveyMonkey’s free product so good, hard to convert Indian users to paid plans: CEO Eric Johnson

Money Control

Money Control · 9m ago

SurveyMonkey’s free product so good, hard to convert Indian users to paid plans: CEO Eric Johnson

SurveyMonkey CEO Eric Johnson acknowledges the challenge of convincing cost-conscious Indian consumers to pay for premium services. He states that although they have a good free product, getting paid customers in India has been a struggle. This comes in light of SurveyMonkey opening its first office in Bengaluru and reflects the difficulty of monetizing in a price-sensitive economy like India. Other global tech firms, including Uber and Spotify, have also faced hurdles in getting Indian consumers to adopt premium services.

ITC Foods targets growth in north and west India amid shift to branded products

Livemint

Livemint · 7m ago

ITC Foods targets growth in north and west India amid shift to branded products

ITC Ltd, a Kolkata-based FMCG company, plans to focus on scaling its existing food brands and targeting the premium segment in India. The company aims to tap into the growing demand for branded food products in regions like Bihar, Uttar Pradesh, and Rajasthan where a significant portion of the population is entering the consuming class. ITC also expressed openness to acquisitions to strengthen its brand portfolio. The company reported a 9.6% increase in FMCG revenues in FY24 and aims to introduce 60-70 new food products annually. Premiumization and creating value propositions for high-end consumers are also part of ITC's growth strategy.

After Xiaomi smartphones, Blinkit to now deliver Smart LED TVs in 10 minutes

Business Today

Business Today · 5m ago

After Xiaomi smartphones, Blinkit to now deliver Smart LED TVs in 10 minutes

Blinkit, a Zomato-owned platform, is expanding its rapid delivery service by offering 10-minute delivery for smart LED TVs. This move follows their recent partnership with Xiaomi and Nokia to deliver smartphones within the same timeframe in regions like Delhi NCR, Mumbai, and Bengaluru. This initiative highlights Blinkit's strategic focus on quick commerce, catering to consumers' growing demand for instant access to electronic products across select Indian cities.

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