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<div type="image" title="Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment" msid="115018213" hostid="261" caption="&amp;lt;p&amp;gt;Indians are getting fancy, and they don&amp;#39;t mind paying a little extra if it means quality and luxury. Most consumer brands are witnessing an uptick in their premium product segment&amp;lt;/p&amp;gt;"></div> It's time to move over from plain, vanilla budget basics! Indians are no longer looking for “best purchases and value buys under Rs 1,000”—at least not as much as before. <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword>'s getting fancy, and how! From gold-flaked chocolates to swanky SUVs that look like they’re wheeled straight out of a Bollywood blockbuster, Indian companies are rapidly jazzing up their product lines, even faster than you can say the word "premiumization." But what does this mean for Indian companies and consumers? What is this jazz about premiumization all about? Is it just urban India that’s riding this wave, or has rural India also joined the bandwagon? We decode for you. <h2>What's premium, really?</h2>Imagine you’re eating Pav Bhaji at a roadside thela. Later during the day, you decide to dine out at a fancy, upmarket cafe, only to find Pav Bhaji Fondue on the menu. Same same, but much more expensive—often 5 to 10 times higher—for a little more hygiene and some better ambience! Think of premium products as this fondue. They are a notch up your regular, daily-use products soaps or shampoos, and even cars, all packaged luxuriously, offering just about the right touch of quality. The main differentiator, though, would be the price range. <h2>Driving home premium wellness</h2>A recent report by Nielsen suggests that over 70% of urban Indians are okay with paying a premium for their products. And companies are cashing in on this sentiment like never before. This explains why 58% of new products launched so far this year have been in the premium+ segment, as opposed to just 38% of new launches in regular, traditional trade. Take cars, for instance. Indians are no longer vying for a good old <keyword id="19950117" type="General" weightage="20" keywordseo="maruti" source="keywords">Maruti</keyword> 800 or <keyword id="20400567" type="General" weightage="20" keywordseo="alto" source="keywords">Alto</keyword>, traditionally known for their healthy mileage, but are rather happy investing in more swanky features that come along with high-end cars. In October 2024, India’s largest car manufacturer, <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword>, sold 65,948 units of its compact cars like Swift, WagonR, Dzire, and more. Compared to the year-ago period, which saw sales of 80,662 units, this was an 18% dip. But take a look at their SUV (sport utility vehicle) sales for the same period. Cars like Brezza, Ertiga, and Grand Vitara sold about 70,644 units, a 19% uptick from the sales made in October 2023, i.e. 59,147 units. Simply put, when it comes to cars, Indians are saying the bigger, the better! The same is true for India's second biggest automobile manufacturer, Hyundai. Its SUV lineup made up a staggering 68.2% of the firm's total sales made for October 2024. What's more, SUV demand remained largely consistent across urban and rural markets. <h2>Consumers are inching up</h2>FMCG (fast-moving consumer goods) are also riding the premiumization wave, with Indians prioritizing their health and wellness and not bothered about dishing out a few extra bucks for the same! You’ll find no dearth of words like organic, vegan, gluten-free, and sugar-free, peppered generously over every product you’ll see today, be it soaps, juices, or more. No wonder then, sales from premium segments in 2024 make up around 27% of all FMCG sales and even contribute a massive 42% to the sector’s value growth in India. Nielsen report further adds that luxury brands that position themselves at twice the price of their category’s average are even witnessing stellar growth. In fact, for most FMCG brands like Tata Consumer Products, <keyword id="20002610" type="General" weightage="20" keywordseo="hindustan-unilever" source="keywords">Hindustan Unilever</keyword> (HUL), Dabur, and Nestle, it is this premium segment that is growing much faster than their regular ones. And it's not just about daily-use products; Indians are also taking their celebrations a step over. Spirits manufacturer <keyword id="20125704" type="General" weightage="20" keywordseo="radico-khaitan" source="keywords">Radico Khaitan</keyword> highlighted that for the first half of 2024, their prestige &amp; above segment made for 88.4% of its net sales value. In the same period, the regular popular segment accounted for just 9.1% of their net sales. From Hindustan Unilever, which saw its premium products grow 30% over the last quarter, to <keyword id="20521971" type="General" weightage="20" keywordseo="kingfisher" source="keywords">Kingfisher</keyword> beer's parent company, <keyword id="20124009" type="General" weightage="20" keywordseo="united-breweries" source="keywords">United Breweries</keyword>, whose premium product sales volume jumped by 27% during the quarter as opposed to just a 5% rise in overall volumes, everyone is seemingly taking their lifestyle a notch above. Per the Nielsen report, in 2024, a typical global consumer spends about $13.7k per year. This is set to grow by around 2.4% to $14k as early as next year. Even a report by Goldman Sachs also highlighted a similar trend, noting that India’s affluent class, or those earning over $10,000 (Rs 8,42,694.97), is set to reach 100 million in the next 3 years. And where will this consumer spend? On premium products! <h2>Online shopping shifts from mass to class</h2>Amazon’s Great Indian Shopping Festival, which was live between September 27 and October 29 this year, saw 140 crore customers, more than 85% of whom came from non-metro Indian cities. On the site, there was a 400% spike in sales in premium sales across categories like watches, fragrances, handbags, jewelry, and more. Rival <keyword id="19896939" type="General" weightage="20" keywordseo="flipkart" source="keywords">Flipkart</keyword> noted a similar trend, recording 1.8x growth in premium beauty and personal care products during the first half of this year. <h2>Dialing in premiumness</h2>The Indian smartphone ecosystem has always been dominated by basic phones, or those entry- and mid-range phones that are priced between Rs 10,000 and Rs 6,000. But that has changed in recent times, with premium smartphones (i.e., those priced over Rs 60,000) registering 20%+ growth in 2024. During the first quarter of this year, sales of mass phones (priced between Rs 10,000 and 20,000) reached 44%, compared to 51% in the year-ago period. But it's all sunny and shiny in the mid-premium (priced between Rs 40,000 and Rs 60,000) and super-premium segments (priced above Rs 60,000). Sales growth has burgeoned by as much as 27% and 86% in these categories, respectively. As India continues its march toward becoming the world's third-largest economy by 2027, the premium party is just getting started. Industry experts predict that premium segments will grow faster than you can say "sustainable organic handcrafted artisanal batch of coffee." So the next time you see someone dropping serious rupees on a fancy bottle of black water that also somehow plays music and tracks their hydration (yes, that's a thing), remember: This is just the trailer. Picture abhi baaki hai, mere dost! Do you have a topic in mind you'd want a simpler explanation for, or insights or experiences to share on personal finance and more? Contact us at businessinsider@timesinternet.in.

Simply Put: From Dal to Dolce—India is loving its luxury life

<keyword id="19909974" type="General" weightage="20" keywordseo="Maruti-Suzuki" source="keywords">Maruti Suzuki</keyword> India on Monday said it has reduced prices of select variants of the entry-level models <keyword id="21334806" type="General" weightage="20" keywordseo="Alto-K10" source="keywords">Alto K10</keyword> and <keyword id="21899231" type="General" weightage="20" keywordseo="S-Presso" source="keywords">S-Presso</keyword> with immediate effect. The price of S-Presso LXI Petrol has been reduced by Rs 2,000 and the price of Alto K10 VXI Petrol has been reduced by Rs 6,500, the auto major said in a regulatory filing. The Alto K10 range is priced from Rs 3.99 lakh and Rs 5.96 lakh while the S-Presso trims are tagged between Rs 4.26 lakh and Rs 6.11 lakh (ex-showroom Delhi). In August, sales of the company's mini segment cars, comprising Alto and S-Presso, declined to 10,648 units last month as against 12,209 units a year ago. The reduction in prices might be aimed at boosting sales ahead of the festive season. As per reports, dealers currently have a huge amount of inventory. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/webstories/realme-13-plus-5g-vs-iqoo-z9s-pro-battle-of-the-under-25000-smartphones/slidelist/112924868.cms">Realme 13 Plus 5G vs iQOO Z9s Pro – Battle of the under ₹25,000 smartphones</a> <a href="https://www.businessinsider.in/stock-market/webstories/baazar-style-retail-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112920678.cms">Baazar Style Retail IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-september-2024/slidelist/112917920.cms">Upcoming cars launching in India in September 2024</a>

Maruti Suzuki cuts prices of select trims of Alto K10, S-Presso

The country's largest carmaker <keyword id="44883" type="General" weightage="100" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> on Wednesday reported a 12 per cent increase in total sales at 1,72,535 units in January. The company had sold a total of 1,54,379 units in the year-ago period, Maruti Suzuki India Ltd (MSIL) said in a statement. Total domestic passenger vehicle sales were at 1,55,142 units as compared to 1,36,442 units in the corresponding period the previous year, a growth of 14 per cent, it added. Maruti Suzuki India Senior Executive Officer Marketing &amp; Sales Shashank Srivastava said the industry began with a low network stock because of high retails in December. "Therefore, the depleted inventory resulted in slightly muted retails, taking up the network stock to 1.84 lakh units. On the demand side, the enquiries and bookings have been steady despite price hikes done by several OEMs," he noted. Constraints of production still continue due to the semiconductor supply situation, which resulted in some loss in wholesales as well as retail, Srivastava said. This issue is expected to continue for a few more months, he added. Sales of mini segment cars, comprising <keyword id="6412620" type="General" weightage="50" keywordseo="alto" source="Orion">Alto</keyword> and S-Presso, grew to 25,446 units as against 18,634 units last month. Sales of compact cars, including Baleno, Celerio, Dzire, Ignis, Swift, Tour S and WagonR, rose to 73,840 units as compared to 71,472 units in the year-ago month. Utility vehicles, consisting of Brezza, Ertiga, S-Cross and XL6, clocked sales of 35,353 units last month as compared to 26,624 units earlier. Sales of <keyword id="14869473" type="General" weightage="50" keywordseo="van-eeco" source="Orion">van Eeco</keyword> were at 11,709 units in January as against 10,528 units the previous year, while that of light commercial vehicle <keyword id="2702763" type="General" weightage="50" keywordseo="super-carry" source="Orion">Super Carry</keyword> stood at 4,019 units as against 3,537 units earlier. MSI said its exports last month stood at 17,393 units as compared to 17,937 units in the same month last year. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/mukesh-ambani-overtakes-gautam-adani-as-the-richest-indian/articleshow/97519749.cms">Mukesh Ambani overtakes Gautam Adani as the richest Indian on the Forbes Real-Time Billionaires List</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/budget/news/insurance-policies-where-premium-is-above-5l-no-more-tax-exempt/articleshow/97521396.cms">Insurance policies where premium is above ₹5L no more tax exempt</a>

Maruti Suzuki sales rise 12% in January

New Delhi, Maruti Suzuki India on Friday said it is recalling 7,213 units of its Baleno RS model due to a suspected defect in vacuum pump, which assists brake function. The recall will impact vehicles manufactured between October 27, 2016 and November 1, 2019, Maruti Suzuki India said in a regulatory filing. "It is suspected that there is a possible defect in vacuum pump, which assists the brake function. In a rare case, the affected vehicle may require increased effort in brake pedal application," it said. Affected vehicle owners will be receiving communication from Maruti Suzuki authorised dealer workshops for replacement of the defective parts, free of cost, the company said. In a post on its website, Maruti Suzuki India also said it would be undertaking a service campaign for 676 vehicles of Ertiga and XL6 model manufactured between June 24, 2022 and July 7, 2022 for suspected issue in front driveshaft, which in a rare case may generate a peculiar noise while turning the vehicle but does not impact the functioning. In January this year, the company had recalled 17,362 units of models Alto K10, S-Presso, Eeco, Brezza, Baleno and Grand Vitara to replace faulty airbag controller. The affected were manufactured between December 8, 2022 and January 12, 2023.

Maruti Suzuki to recall 7,213 units of Baleno RS model due to suspected defect in vacuum pump

New Delhi, <keyword id="44883" type="General" weightage="80" keywordseo="maruti-suzuki" source="Orion">Maruti Suzuki</keyword> India on Wednesday said it is recalling 17,362 units of models like Alto K10, Brezza and <keyword id="6379565" type="General" weightage="80" keywordseo="baleno" source="Orion">Baleno</keyword> to inspect and replace a faulty <keyword id="16103703" type="General" weightage="100" keywordseo="airbag-controller" source="Orion">airbag controller</keyword>. The affected models are Alto K10, S-Presso, <keyword id="6392173" type="General" weightage="50" keywordseo="eeco" source="Orion">Eeco</keyword>, Brezza, Baleno and <keyword id="-332" type="General" weightage="50" keywordseo="grand-vitara" source="Orion">Grand Vitara</keyword>, manufactured between December 8, 2022 and January 12, 2023, the country's largest carmaker said in a regulatory filing. "The recall is being undertaken to inspect and replace Airbag Controller free of cost, if required in these vehicles," it added. It is suspected that there is a possible defect in the affected part, which in rare cases might result in non-deployment of the airbags and seat belt pretensioners in the event of a vehicle crash, the auto major stated. "Out of abundant caution, customers of the suspected vehicles are advised not to drive or use the vehicle till the affected part is replaced," it said. Affected vehicle owners will be receiving communication from Maruti Suzuki authorised workshops for immediate attention, it noted. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/gold-prices-hit-life-time-high-amid-looming-recession-hope-that-fed-will-slow-its-rate-hikes/articleshow/97061060.cms">Gold prices hit life-time high amid looming recession &amp; hope that Fed will slow its rate hikes</a> <a href="https://www.businessinsider.in/business/corporates/news/competitive-intensity-a-big-risk-for-dmart-say-analysts-after-company-misses-streets-q3-forecast/articleshow/97052145.cms">Competitive intensity a big risk for DMart say analysts after company misses Street’s Q3 forecast</a> <a href="https://www.businessinsider.in/india/news/indigo-flight-passenger-opens-emergency-exit-door-dgca-orders-probe/articleshow/97053776.cms">Indigo flight passenger opens emergency exit door, DGCA orders probe</a>

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Simply Put: From Dal to Dolce—India is loving its luxury life

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Maruti Suzuki cuts prices of select trims of Alto K10, S-Presso

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Maruti Suzuki sales rise 12% in January

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Maruti Suzuki to recall 7,213 units of Baleno RS model due to suspected defect in vacuum pump

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Maruti Suzuki recalls 17,362 units to fix faulty airbag controller

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