Before the COVID-19 outbreak, most people spent most of their days outside the home. The new-age home appliance consumer would spend time in college, the office, restaurants, etc., leading an active life.
However, COVID-19 has brought about a paradigm shift in consumer lifestyles. Overnight, our lives became home-centered.
This has led to a massive shift in consumer behavior across the country. The interesting part? These behavioral changes are irreversible. The pandemic has accelerated the adoption of technology by users in their daily lives – and there is no turning back.
The impact of changing consumer sensitivities is being felt across all industries, including appliances and mattresses, as a higher percentage of consumers are spending a large portion of their time at home.
India’s home appliance and consumer electronics market is currently worth $10.93 billion. With a massive shift in consumer behavior, the industry is expected to grow at a CAGR of 11%. With large companies and organizations accepting work from home, an increase in demand for air conditioners, water purifiers, mattresses and other consumer goods that make people feel more comfortable and efficient is quite obvious.
India leads the global home appliance market
When it comes to information technology, India is considered the second most economical and efficient talent market in the world after China. With a majority of foreign players outsourcing their jobs to Indian markets, the work from home culture is going to stick around for a long time.
Additionally, Indian companies, both new and established, are considering a continuous hybrid working model. This is a huge opportunity for the Indian appliance and wellness market.
The consumer goods ecosystem in India was growing even before the pandemic hit. The pandemic has further accelerated growth.
And as most mainstream brands seek local manufacturing to reap the benefits of the Make in India initiative, domestic manufacturing industries are going to see a massive influx of capital. Be it MSMEs or big players, this trend in consumer behavior is a win-win situation for the entire ecosystem.
The country’s demand for home appliances has skyrocketed in recent months, with a considerable spike in demand for consumer appliances. There has been a steady increase in demand for home automation goods in Tier 3 sectors and above, which now account for around half of total demand.
From smart water dispensers that inform users about water quality and the number of liters used each day, to mattresses that provide long, uninterrupted sleep, consumers want it all and more.
Increased adoption of technology, growing trend towards remote working, increased awareness of health and wellness – all of these factors are undeniably overlapping. More and more people rely on technology to stay connected in a society more separated from each other.
Work, leisure and social contacts are increasingly intertwined as more and more people use digital technologies. Even after COVID-19 is over, these trends are here to stay.
Digital adoption, value-based purchases, and increased health awareness are all examples of changes that are likely to last longer because they are based on convenience and well-being.
Consumers are actively seeking products that make their lives easier and enable them to adopt a healthier lifestyle. Businesses can take advantage of these trends to create new modular, granular, and value-based products to meet their customers’ demands. Whether it is the consumer appliance industry, the health and wellness industry, or any other industry, industries need to be aware of their customers’ preferences and adapt accordingly. consequence to remain relevant.
(Disclaimer: The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of YourStory.)