Despite being cost-conscious, many connected Indian consumers are becoming willing to increase their expenditure on purchases of products and services. This change in consumers’ inclination towards expenditure is fuelled by the increase in the median disposable income per household in India.
As Indian consumers are more connected due to their increased use of the internet, especially since the launch of Jio’s internet services in 2016, they have the world at the tips of their thumbs. The use of social media and search engines to decide upon products and brands to buy pushes the aspirational lifestyle.
IKEA’s first store in India was opened in Hyderabad in 2018 and it plans to open more stores in the forecast period. It is also shortly to provide an e-commerce sales platform for shoppers in Mumbai and Hyderabad.
With the majority of home and garden products being sold through the unorganised sector, store-based home and garden specialist retailers is the dominant distribution channel, with the greater portion of value sales being achieved by homewares and home furnishing stores. Indian consumers are price-conscious and love a good bargain, so local players offer specific unbranded products at cheaper prices which bring in high volume sales.
With per capita expenditure on home and garden products growing steadily every year in India, forecast period growth in the industry is expected to be positive and healthy. The promising outlook is due to consumers’ willingness to pay more and expansion in the organised sector.
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This industry report originates from Passport, our DIY and Gardening market research database.