Indian Tech And Durables Sector Logs 6 Per Cent Development In This autumn 2024, Smaller Cities Outpace Metros | Expertise Information
New Delhi: The Indian tech and durables sector sustained its progress momentum, registering 6 per cent quantity and worth progress in This autumn 2024 in comparison with the identical quarter of 2023, a brand new report confirmed on Wednesday. Shoppers are more and more making value-driven decisions, prioritising vitality effectivity, sturdiness, and superior know-how of their buy choices.
This shift is obvious within the rising choice for high-efficiency home equipment, with 4-star and 5-star ACs surging by 29 per cent and bigger front-loading washing machines (8kg+) increasing by 39 per cent, in response to NielsenIQ (NIQ), the world’s main shopper intelligence firm, in collaboration with GfK intelligence.
This development of premiumisation is additional strengthened by the rise of rising manufacturers — these with lower than 5 per cent market share. Premiumisation development is not confined to metros. Shoppers in smaller cities are more and more looking for high-quality, feature-rich home equipment and electronics.
The expansion in smaller cities is increased, particularly in tier 3 cities (with 1-5 lakh inhabitants). In This autumn 2024, tier 3 cities outpaced metros and tier 2 cities, rising at 10 per cent, in comparison with 7 per cent in tier 1 and 6 per cent in tier 2, mentioned the report.
“The expansion of the tech and durables sector throughout numerous segments, together with well being, leisure, kitchen home equipment, and private grooming, displays customers’ rising inclination towards fashionable, convenience-focused dwelling,” mentioned Sharang Pant, Industrial Director, Tech and Durables, India, NIQ.
Rising classes like air purifiers witnessed progress charges surpassing 100 per cent. Moreover, classes like dishwashers and built-in kitchen options grew by 30 per cent, pointing to a rising shift in direction of extra built-in, sustainable house options.
The 12 months noticed regular worth growth, assorted progress patterns throughout classes, with main home home equipment (MDA) and small home home equipment (SDA) driving the market, the report talked about.
In leisure, the three per cent worth progress in massive UHD TVs (65 inches and above) displays sustained shopper demand for enhanced, immersive viewing experiences.
The buyer development of upper funding in technologically superior merchandise isn’t nearly luxurious — it’s additionally about long-term worth, sustainability, vitality effectivity, smarter consumption, and considerations over well being, effectivity, and the surroundings, mentioned Pant. A constructive outlook for the economic system is anticipated, with robust shopper demand anticipated because of the beneficial tax construction introduced within the Union Finances for FY 2025-26.
