Globally India is viewed as a vital market for Consumer Durables in future. Young population and a large middle class with rising disposable income, are the key drivers of the demand. If the country can sustain its current pace of growth for some time – which seems quite likely – average household incomes will triple over the next 20 years and India will become the 5th largest consumer economy globally by 2025.
In 2016-17, growth in demand for consumer durables is estimated to have improved after witnessing three years of relatively slower growth. This is owing to better consumer sentiment and decline in input costs. With the economic scenario improving, rising disposable incomes and low penetration levels, long term demand is expected to grow at a healthy CAGR of about 15 %. The Indian consumer durables segment is broadly segregated into urban and rural markets, and is attracting marketers from across the world. Urban markets account for the major share (65 per cent) of total revenues in the Indian consumer durables sector. In rural markets, durables, such as refrigerators, and consumer electronic goods are likely to witness growing demand in the coming years. The rural market is expected to grow at a CAGR of 25 %.
With the continuous inflow of disposable income and the advancement of technology, the need for the varied consumer durable goods is increasing in India. This in turn is leading to a strong competition among the different consumer durable brands available in the nation as well as the price gap between the same consumer goods of different companies are narrowing down. Day by day these goods are becoming cheaper.
Another study has ranked India fourth in the top 10 global consumer durable markets. India has the potential to become the world’s largest middle class consumer durable market with a total consumer spend of nearly US$ 13 trillion by 2030.
Our Consumer Durables Recruitment Consultant help clients achieve substantial, positive, and sustainable impact in their performance. The practice serves clients across the industry vertical, including :
- Large Home Appliances
- Small Home Appliances
- Electronics Equipments
- Health & Personal Care products
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