Indian shoppers snap up premium products
- IBEF
- March 31, 2023
According to the most recent data from market researcher GfK India, the average selling price (ASP) of computers climbed by 9%, Televisions by 4%, and appliances by 4-6% in 2022 compared to the previous year.
Indians are purchasing more expensive products, driving up the average selling price (ASP) of numerous categories such as televisions, refrigerators, computers, smartphones, and shoes by up to 18% in fiscal year 2022-23.
While ASPs increased in 2020 and 2021 as well, this was due to price increases as well as premiumisation. But now that prices have been steady for the last six months, industry officials claimed that ASPs are only being driven by an increasing shift towards premium products.
The substantial ASP growth has occurred despite the fact that sales of entry- to mid-level segment products, which account for 70-80% of total sales in respective categories, have yet to reach pre-pandemic levels.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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