Topic Discussed : Market Insights on Kitchen Appliances in India
Speaker: Satya Manikanta
Key Takeaways:
- India will have the world’s youngest population by 2020, where 850 Mn people will be in the age group of 35 years or below. Young population with disposable incomes and higher tendency towards spending will make India the 5th largest consumer durables market by 2025. Higher internet penetration, growing awareness about products and large youth population will enable Tier II and III cities to be centers with high-disposable incomes in the near future.
- The demand for kitchen appliances in the country is expected to continue growing on account of expanding base of middle class and affluent consumers, increasing working population and improving consumer lifestyle. India has a large base of young consumers who form majority of the workforce and hardly find time for traditional cooking due to their busy schedules, thereby creating huge demand for western kitchen appliances that facilitate easy and quick cooking.
- Rising per capita disposable income of consumers, especially upper and lower middle income groups, continues to drive India’s kitchen appliances market. However, majority of Indian consumers are price conscious, which poses a challenge for the manufacturers and suppliers as even a small price variation hugely affects the consumer preference for a specific brand or product. Consequently, the kitchen appliance companies are constantly focused on offering high-quality kitchen appliances at lowest possible prices.
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Related Keywords: Frost & Sullivan, India, Kitchen appliances, Large cooking appliances, small cooking appliances, Cooker Hoods, Cooktops, Free Standing Hobs, Mixer, Blender, Juice extractor, Coffee maker, Pressure cooker
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