Demand for premium electronics products tripled in 6 months: Indians are increasing the use of convenient and new technology appliances in homes

The demand for premium products in the consumer electronics market in the country is increasing rapidly. During January to June 2024, the sales revenue (value) in the consumer electronics market increased by 11%, while the sales volume saw an increase of only 1%. During January to June 2024, earnings from smartphone sales have increased by 12%, while sales did not increase compared to last year. Despite sales being flat, the jump in value indicates that sales of premium or expensive products are increasing rapidly. Sales of small home appliances increased by 29%
According to a report by market intelligence firm GFK, sales of major appliances increased three times compared to last year. Sales of small home appliances have increased by 29%. The main reason is the increasing demand for kitchen appliances. Sales of major home appliances, including cooling products, increased by up to 18%. Sales of air conditioners increased by 30% and refrigerators by 7%. This shows that consumers are increasing the use of convenient and new devices in their homes. In the first half of this year, 12.5 crore units worth about Rs 2 lakh crore were sold in India. This is 3% more than last year. Increase in demand for products with advanced technology and more features According to the GFK report, the demand for premium products with more features has increased among consumers in the first half of this year. For example, sales of smartphones with more than 256 GB of storage saw a 140% increase. Sales of gaming laptops and washing machines with a capacity of 9 kg or more grew by 30%. Sales of 5 star split inverter ACs have increased by 59%. Overall mobile sales decreased by 6%