Consumer durables see premiumisation shift, affordable segment lags

The consumer durables sector, which saw growth aided by the Cricket World Cup this year, also witnessed a growing trend in premiumisation on the back of higher aspirations of consumers, rising disposable incomes and increased promotional offers.

The premiumisation trend was visible among all key categories like televisions, refrigerators, and washing machines.

The affordable and entry-level segment in these categories has been declining or has registered only a marginal growth, as more consumers are now choosing to trade-up for feature-rich products.

According to intelligence firm GfK’s Consumer Life study in 2023, 45 per cent of consumers said