Changing Trends: Indian Consumers Opting for Branded Luxury Products in Business News

Indian consumers are shifting their preferences from unbranded products to luxury items, according to a recent report by IndiaQuotient titled ’20 things about Indian consumers’. The report highlights a significant change in purchasing patterns, with consumers increasingly favoring branded luxury goods, indicating a growing market for luxury products in India.

One of the key findings of the report is the dominance of tech giant Apple in the premium smartphone market in India. Apple holds a commanding 67 per cent share of premium smartphones priced above USD 800, followed by Samsung with a 31 per cent share. This data underscores the rising demand for high-end smartphone brands among Indian consumers.

In a recent statement, Tim Cook, CEO of Apple, praised Apple India’s double-digit revenue growth, describing India as an “incredibly exciting market” and a major focus for the company.

The report also highlights a surge in the prevalence of sunroof-equipped cars in India, with 25 percent of all cars sold in 2023 featuring sunroofs, up from 7 per cent in 2018. This increase in demand for luxury features like sunroofs suggests a growing preference for premium vehicles among Indian consumers.

Furthermore, the report points out a shift in purchasing behavior among the lower middle class, driven by digitalization. Younger family members are now assuming the role of “Chief Technology Officers”, leading to a trend of digitizing and branding family purchases.

Overall, the report underscores a significant shift towards branded luxury products among Indian consumers, driven by factors like digitalization, evolving lifestyles, and increased purchasing power. Indian conglomerates are also collaborating with global luxury brands to cater to the growing demand for luxury offerings in the country.