Indians prefer feature-rich products: Demand for premium products increased

Now people are buying more premium products. Most of the customers in the country are preferring feature-rich products. Due to this, the average selling price (ASP) of products like TV, fridge, laptop, smartphone and footwear has increased by 18% in a year. According to experts, this growth is a result of the entry-increasing sales of products in the mid-level segment, which account for 70-80% of the total sales in their respective categories.
According to research firm IDC, the ASP of smartphones in 2022 will increase by 18% to Rs 18,450. The growth was the highest in phones priced above Rs 41,200. According to Gefe India, the average price of laptops has increased by 9%, TVs by 4% and appliances by 4-6%.
According to Bata India, sneakers with an ASP of Rs 2,000, Hush Puppies shoes with an ASP of Rs 4,000 and Comfit shoes with an ASP of Rs 2,100 have seen an increase in sales. On the other hand, sales of products priced below Rs 1,000 declined by 10% in the December quarter.
Anant Jain, Head of Market Intelligence, GFK India, says that common people are preferring premium products. With convenience, the demand for feature-rich products has increased. This is a sign of change in the buying pattern. Premium products are also being given preference in apparel and fashion.