India is the fastest-growing economy globally, accounting for nearly 3% of the total global consumption. According to a recent report published by HFCE, India witnessed the steepest growth when it comes to consumption in this decade.
This is largely because of the tremendous growth in per-capita income, as well as a shift to a macroeconomic environment, which resulted in more affordability of consumer durables and electronics. Many reputed foreign manufacturing firms also participated in this growth, consumer durables like Lloyd TV, Godrej washing machines and refrigerators have developed significant demand. As a matter of fact, the demand for electronic devices is expected to grow to around 400 billion US dollars by the end of 2020.
The progress of India’s consumer market
Throughout early 2000, India’s consumer electronic market was strictly restricted by the spending capacity of an average citizen. The latter part of this decade witnessed a significant increase in generation and distribution of wealth; studies conducted in 2016 showed that per capita income reached nearly 1577 US dollars, increasing from 452.4 US dollars back in 2000.
This created the perfect market conditions for manufacturers and sellers, increasing the level of competition among various companies. A growing trend of owning brand-name products helped boost the sales of products like Xiaomi, LG, Samsung, Lloyd TV, etc. as well.
Access to easy financing options further boosted this market. Reputed companies, including financiers like Bajaj Finserv, offer credit for consumer products, which often proved helpful while making such big-ticket purchases. Bajaj Finserv EMI Network Card users can convert the total cost into EMIs and conveniently repay the due amount in easy installments.
India’s consumer market always posed a unique challenge, as the price-to-value expectations for products often fail to meet that of their western counterparts. Fortunately, this problem has been alleviated somewhat thanks to the rising average income and ‘Make in India’ initiative.
As manufacturers realise the future prospect of India’s consumer market, more and more start introducing newer products in an attempt to appeal to the client base. Even premium products like Godrej refrigerator, microwave OTGs, large flat-screen TVs, etc. have seen immense demand, resulting in the introduction of the latest models in the market.
Moreover, India’s tremendous manufacturing prowess allowed companies to bring the production line near the customer’s doorstep. This allowed companies to slash down the price of their product significantly, especially by circumnavigating taxes like import duties.
With the help of financing facilities like Bajaj Finserv EMI Network, customers can now easily pay for these purchases without compromising on their daily budget. Bajaj Finserv also extends pre-approved offer to existing customers, which simplifies the application process and helps save time. You can check your pre-approved offer by simply sharing some basic details online.
These are only some of the reasons why India’s electronics market is witnessing such steep competition. Thankfully, it has proved beneficial for the economy, as the higher demand has created more jobs and acts as an index of the better financial standing of Indian citizens. Brands, like Lloyd TV, Samsung and LG continue to ensure consistently high demand in the market for their products.
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