Recently, IndiaQuotient released its report on Indian consumers’ patterns, titled ’20 Things about Indian Consumers on Sunday.
As per the report, Indian consumers are now moving from unbranded products to luxury products.
Further, the report also discloses a noticeable change in Indian consumers’s purchasing patterns, with consumers increasingly preferring branded luxury goods.
According to the report, Apple now enjoys the market share of 67 percent in premium smartphone priced above USD 800, followed by Samsung with 31 percent share.
Thus, highlighting rising preference for the premium high-end phones among Indian consumers.
In addition, there has been a significant surge in sunroof-equipped cars in India. As just in the previous year, 25 percent of sold cars in India, had featured sunroofs, a drastic increase from 7% in 2018. Thus, suggesting a preference for premium despite limited in India’s hot climate.
Also implying, that consumers are willing to pay between Rs 50,000 to 60,000.
As for the automotive sector, India has witnessed an increase in the revenue of premium motorbike by 32 percent in FY23.
Thus, outpacing overall motorbike market’s growth of 14 per cent. Also, the sales of premium electric two-wheelers too tripled in FY23. Thus, noting the preference for electric vehicles among consumers.
Meanwhile, there has been a notable shift in lower middle class’s purchases. Backed by the rise of digitalization in the country, the younger members of the family are assuming the role of the “Chief Technology Officers. Thus, promoting the role of digitization and branding family purchases.
Overall, the report points towards the notable shift of Indian consumers towards the luxury goods, which is pushed by the factors like digitalization, evolving lifestyles, and heightened purchasing power.