India consumers moving towards premium products
The Indian consumers are increasing upgrading to newer, more advanced and premium products like LCD, LED, HD or 3D television, a Blu-ray player, split ACs, Fridge with two side by side doors.
Most of the electronic brands in India hold the view that the trend in Metro and large city is to upgrade to premium products. The products that were not considered the main attraction as they were at the top of technology as well as pricing are now being south after as the consumers are willing to pay more for premium products.
Yasho Verma, COO, LG India says that the company is seeing a growing number of consumers demanding premium products. He said that the reason for the growth is high disposable incomes as well as that most of the consumers are now upgrading to newer products. He pointed out that 80% of its premium product customers are upgrading.
Ravinder Zutshi, deputy MD, Samsung India Electronics also agrees to the view and says that upgradations are driving growth for premium products. He said that the consumers in the country are looking for features and not pricing. The company is offering LCD, LED, 3D LED and plasma in the country.
Tadato Kimura, GM marketing, Sony India says that there is a new generation of Indian consumers desiring high end products. Sony is expecting high sales from 3D TVs this year.
The company will invest Rs 45 crore on marketing activities for its 3D products alone this festival season. The company has already launched a complete range of 3D professional solutions, consumer electronics, movies and gaming.
The industry expects to sell more premium consumer electronics compares to last year. The sales of LCD TV is expected to double while sales for split ACs, fully automatic washing machines and frost-free refrigerators are also expected to rise.
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