Indians snap up premium products
Consumers are willing to upgrade as they look for bigger and better products, says Nilesh Gupta, Director of Vijay Sales, an electronics and consumer retail chain.
| Aug 3, 2023, 19:18 IST
Indian consumers are now spending more on premium products, reports The Economic Times. This trend is being seen across product segments — from alcohol to automobiles and smartphones to soaps.
For instance, global alcohol beverage maker Diageo gets 80% of its business from its high-end segment. Premium products make up a third of Hindustan Unilever’s business now. More than 50% of Hyundai’s sales and over 65% of Tata Motors’ sales come from cars priced above ₹10 lakh.
Consumers are willing to upgrade as they look for bigger and better products, says Nilesh Gupta, Director of Vijay Sales, an electronics and consumer retail chain.
Companies are also changing their pricing strategies accordingly. There is a focus on accelerating premiumisation-led growth with new innovations, says Shweta Jain, Chief Business Development Officer, India & South Asia at Diageo, a global alcohol beverage company.
For instance, global alcohol beverage maker Diageo gets 80% of its business from its high-end segment. Premium products make up a third of Hindustan Unilever’s business now. More than 50% of Hyundai’s sales and over 65% of Tata Motors’ sales come from cars priced above ₹10 lakh.
Consumers are willing to upgrade as they look for bigger and better products, says Nilesh Gupta, Director of Vijay Sales, an electronics and consumer retail chain.
Companies are also changing their pricing strategies accordingly. There is a focus on accelerating premiumisation-led growth with new innovations, says Shweta Jain, Chief Business Development Officer, India & South Asia at Diageo, a global alcohol beverage company.