For instance, millennials may be more open to a value-add strategy that nudges them into more premium categories, which grew up to 9 times faster than the entire segment in 2022.
According to gfknewron Consumer Survey 2022, within major domestic appliances, the replacement cycle for Washing Machines and Refrigerators has reduced, with consumers moving towards upgradation in 2022.
The market is expected to continue with growth trajectory in 2023 against global headwinds. While the growth will continue to be more for premium segments, but there could be better time for mass segment in some categories because consumers will be cautious of global slowdown and its effects.