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2009
AMIT KUMAR
RECENT TRENDS IN THE CONSUMER BUYING BEHAVIOUR IN HOUSE APPLIANCES IN INDIA
OVERVIEW
India in its 62 years of journey ghas seen manifold increase in the
income of its denizens (Rs.38,084 as on 2009) and this has led to
paradigm shift in the purchasing behavior of the people here.There is a
discernible shift in the consumer’s preference in favour of higher end ,
technologically superior branded products, the demand being spurred by
increasing consumer awareness and preference for new models.
This shift is also because of the increase in manufacture of branded
products and narrowing down of price between branded and non-branded
goods. Competition has forced the companies to offer efficient after
sales service and support and this, in turn, has swayed customer
preference for branded products.
Post liberasition there has been inundation of goods transcending the
borders and the customer has a wider choice; breaking the shackles of
the consumers regarding limitations of choices. Indian consumer durables
market used to be dominated by a few domestic players like Godrej,
Allwyn, Kelvinator, and Voltas. But post-liberalization many foreign
companies have entered into India, dethroning the Indian players and
dominating the market. The major categories in the market are CTVs,
refrigerators, air- conditioners and washing machines.
The rural market is growing faster than the urban markets, although the
penetration level in rural area is much lower. The CTV segment is
expected to be the largest contributing segment to the overall growth of
the industry. The rising income levels, double-income families and
increasing consumer awareness are the main growth drivers of this
industry. In addition to them the young nature of population and easy
finance options are also fueling the market and its dynamics.
Consumers today are more indulgent in market place than their
predecessors. There has been shift in the definition of needs and wants.
For example a mobile phone is more of a need today then a want.
Westernisation has influenced the psyche of the Indian customers to a
degree.
This report is an attempt to reflect the changes in the consumer buying
behavior in the
Indian Market especially in home appliances buying .
CONSUMER CLASSES
For the purpose of study I am using the classification given by NCAER
.According to the
National Council for Applied Economic Research (NCAER), India’s premier
economic
research institution, based on consumption indicators, which is more
relevant for ascertaining consumption patterns of various classes of
goods there are five classes of consumer households, ranging from the
destitute to the highly Affluent, which differ considerably in their
consumption behavior and ownership patterns across various categories of
goods. These classes exist in urban as well as rural households both,
and consumption trends may differ significantly between similar income
households in urban and rural areas.
Structure for Indian consumer market:
Consumer
classes
Annual
income
1996
2001
2007
Change
The rich
215,000& more
1.2
2
6.2
416%
The consuming
class
45– 215,000
32.5
54.6
90.0
179%
The climbers
22– 45,0000
54.1
71.6
74.1
37%
The aspirants
16– 22,0000
44
28.1
15.3
65%
The destitute
Below
Rs-
16,0000
33.2
3.4
12.8
61%
Total
164.8
180.7
199.2
21%
FACTORS AFFECTING CHANGING CONSUMER BEHAVIOR
CONSUMER BUYING PROCESS
INDUSTRY CLASSIFICATION
The consumer durables industry can be broadly classified as consumer
electronics and consumer appliances. The consumer appliances category
can be further segmented as white goods and brown goods.
THE KEY PLAYERS AND THEIR PRODUCTS
MARKET ANALYSIS
Industry sales were US$ 4.5 billion in value in 2006-07 and more than 7
million units in
volume terms.
Plasma display panels and liquid crystal display TVs have registered an
average growth
of more than 250% 2006-07 and the trend is expected to continue.
Split ACs have been growing at a much faster rate than window ACs-
growth of 97% in
the year 2006-07 and the trend is expected to continue.
Mobile phone production is expected to grow at a compound annual growth
rate of
28.3% from 31 million units in 2006 to 107 million units in 2001
The sectors which have recorded excellent growth ratesof more than 20 per
cent in terms of quantity produced are Air Conditioners (25 per cent),
Split Air Conditioners (42.6 per cent) Micro Wave Woven (27.3 per cent),
DVDS (25 per cent) VCD/MP3 (20 per cent), Color Picture Tube (23 per
cent,).
The sectors which have recorded high growth ratesbetween 10 and 20 per
cent
in April-March 2004-05 over the corresponding previous period are Color
Television (12%), Window Air Conditioners (18.8 per cent), Washing
Machines (18.1 per cent Watch (10%), Frost Free Refrigerators (13.8%),
Some sectors which have recorded moderate growth of 0 to 10 per cent
are refrigerators
(5 per cent),), clock (8 per cent), Direct Cool Refrigerator (2.8 per cent)
The sector recording negative growthis B&W TV (- 16.7%)
The Refrigeration Industry has reached 3.9million units in 2004-05 from
3.7
million units in the last yearwith a growth of 5 per cent.
The Air-Conditioners Industry has reachedat 1.2 million units during
2004-05
with agrowth of 25 per cent from 9.8 lakh units in 2003-04.
Washing Machinesis estimated to have grown by 18.1 per cent from1.35
million
units in 2003-04 to 1.6 million units in 2004-05.
Microwave ovens has grown by 27.3 per cent growthwith 3.5 lakh units
compared to 2.75 lakh units in 2003-04.
The Indian Colour Television industryhas grown by 12.1 per cent in
2004-05 by
reaching 9.25 million units in 2004-05 from 8.25 million units in 2003-04.
The B&W TVh as recorded a negative growth of 16.7 per centfrom 3 million
units in 2003-04 to 2.5 million units in 2004-05.
Watch and clockhave registered growth of 10 per cent and 8 per centfrom
20.6
mn units and 26.3 million units in 2003-04 to 22.6 mn units and 28.4 mn
units in 2004-
05.
The VCD/MP3 industry has registered 20% growthand has achieved production
of 8.4 million units. The unorganized sector has occupied a major share in
manufacturing and supplying VCD/MP3.
DVDPlayers are estimated to have grown by 25 per centin 2004-05 with the
volume estimated to be 625000 units.
The first half of the year and the first quarter of the financial year,
2005 has seen
a little setback for the domestic consumer electronics and durables
industrywith
the two largest segments of the industry - color televisions (CTV) and
refrigerators facing decline in production and salesduring the period.
But the Air conditioners and washing machines market have grown at the
rate of
20% .
Thede-growth seen in the first quarter of the current fiscal has been
mainly due to the value added tax (VAT) regime introduced in April,
2005, as held by the industry representative.
Overall, the refrigerator segment had achieved a negative growth of 4.3
per cent
in volume terms and two per cent in value terms during the period.
Production of consumer durables:
Production item
unit
2003-
2004
2004-2005
% growth
Consumer
durables/white goods
Refrigerator
Lakh units
37
38.85
5.0
Frost free
Lakh units
7.33
8.34
13.8
Direct cool
Lakh units
29.67
30.51
2.8
Air conditioners
Lakh units
9.8
12.25
25
Window
Lakh units
7.22
8.58
18.8
Split
Lakh units
2.58
3.68
42.6
Washing machines
Lakh units
13.55
16
18.1
Microwave ovens
Lakh units
2.75
3.5
27.3
Consumer
electronics
Value overall
14500
156600
8.0
Color television
Lakh units
82.5
92.5
12.1
Color television
Rs Crore
7000
7580
8.0
B&W TV
Lakh units
30
25
-16.7
B&W TV
Rs crore
482.55
361.5
-25.0
VCD
MN units
7.2
8.4
16.7
DVD
Nos
50,000
62500
25
Watch
Lakh units
206
226
9.7
Clock
Lakh units
263
284
8.0
KEY GROWTH DRIVERS FOR CONSUMER
DURABLES
Rise in disposable income:The demand for consumer electronics has been
rising
with the increase in disposable income coupled with more and more
consumers falling under the double income families. The growing Indian
middle class is an attraction for companies who are out there to woo them.
Availability of newer variants of a product:Consumers are spoilt for
choice when
it comes to choosing products. Newer variants of a product will help a
company in
getting the attention of consumers who look for innovation in products.
Product pricing:The consumer durables industry is highly price
sensitive, making
price the determining factor in increasing volumes, at least for lower
range consumers. For middle and upper range consumers, it is the brand
name, technology and product features that are important.
Availability of financing schemes:Availability of credit and the
structure of the
loan determine the affordability of the product. Sale of a particular
product is
determined by the cost of credit as much as the flexibility of the scheme.
Rise in the share of organized retail:Rise in organized retail will set
the growth
pace of the Indian consumer durables industry. According to a working
paper released by the Indian Council for Research on International
Economic Relations (ICRIER), organized retail which constituted a mere
four percent of the retail sector in FY07 is likely to grow at 45-50%
per annum and quadruple its share in the total retail pie 16% by
2011-2012. The share will grow with bigger players entering the market.
Innovative advertising and brand promotion:Sales promotion measures such as
discounts, free gifts and exchange offers help a company in
distinguishing itself from
others.
Festive season sales:Demand for color TVs usually pick up during the
festive
seasons. As a result most companies come out with offers during this
period to cash in on the festive mood. This period will continue to be
the growth driver for consumer durable companies.
Consumer Durables: Industry size,
growth and trends
During FY07, volume share of the single largest consumer durable was
color TVs at 30%, followed by refrigerators and air conditioners at 18%
and 13% respectively. Washing machines and other assorted consumer
durables captured a share in the total volume by 5% and 34% respectively.
Television Sets: Growth in sales
FY07 witnessed the highest number of TV sets being sold when compared to
the
previous two corresponding years. As per CMIE, growth in sale of TV sets
was slower at 14.3% during FY07 when compared to a 21% growth in the
previous year. On the demand side, domestic consumption of refrigerators
declined by almost 4% between FY05 and FY08, while imports climbed. The
imposition of anti-dumping duties on import of colour picture tubes will
hit the manufacturing costs of CTVs produced in India. Further, the
reduction in the general rate of excise duty (CENVAT) from 16% to 14% as
proposed in the Union Budget for FY09 will not have any effect on the
selling price of colour TVs. This is
because the combined effect of rising input costs and a higher interest
burden will
negate the effect of such reduction.
REFRIGERATOR: DEMAND AND SUPPLY SIDE DYNAMICS
According
to
CMIE
statistics,
domestic
consumption
of refrigerators witnessed a decline between FY05 and FY08, while
exports grew. From 3% of the total consumption
in
FY05, exports grew to7% of the total consumption in FY08. On
the
supply
side, domestic production of refrigerators in the total supply remained
at the same levels in the past three years ended FY08. At 99% each in
FY06-08, the share
of
production reported a mere 100 basis point increase over FY05, as
imports slided. The refrigerator industry posted a sluggish performance
since the beginning of FY09 on the back of volatile steel prices. The
first quarter saw a
production growth of a mere 50 basis points to 2.18 mn units, as per CMIE.
Sales of Consumer ElectronicsCompanies
The consumer electronic goods industry underwent a slowdown during the
last quarter of FY08. According to CMIE, the industry witnessed a slower
10.5% growth in the Mar 08 quarter compared to a substantial 17.4%
growth in the previous corresponding quarter. Domestic consumer
electronics companies together reported a subdued sales growth of almost
17% in FY07, on the back of a robust 40.5% growth in FY06. While the
larger companies reported robust growth in sales, it was the smaller
ones whose sales were negatively affected that eventually brought down
the industry sales growth.
INDUSTRIAL GROWTH
The industrial sector grew in moderation during FY08 at 8.5% on the back
of a
comparatively higher growth of 11.5% during the previous fiscal. The
country’s real GDP
grew by 9% during FY08; a tad lower than 9.6% in the previous fiscal.
The consumer durables segment witnessed a fall in production
particularly for items where consumer preferences have shifted towards
newer products. Shifting in the consumption pattern coupled with rising
input costs of steel, iron ore etc, may further affect the production
levels of these goods. On the supply side newer variants of consumer
durables on the back of technological advancements have flooded the
market, whereas on the demand side it is the prospering middle class and
consumerism which have led to changing demand patterns.
Foreign Direct Investment
The net Foreign Direct Investment (FDI) inflows to India increased from
US $ 22 bn in FY07 to US $ 32.3 bn in the following fiscal. During 2007
and 2008, the share of FDI in the electronic goods segment remained flat
at 0.2%, coming on the back of a 1.5% share in CY06.
CHANGING ATTITUDES OF TODAY’S
CUSTOMERS
Today customer likes to indulge in buying spree. No more the customers
buy only to
fulfill their basic needs and emphasise on savings itself.
Indian consumers have become value sensitive and are not much price
sensitive as was the case earlier. If they feel that a particular
product offers them more value and its price is high, even then they are
willing to buy the product.
The Indian consumers strictly follow their culture, tradition and
values, as a result of which foreign companies were forced to give an
Indian touch to them in order to succeed in India. McDonalds, MTV,
Pepsi, Star TV, Coca Cola India and many more had to Indianise
themselves to flourish in India. Karva Chauth is celebrated with more
zeal and enthusiasm than the Valentine Day.
The Indian consumer of today gives preference to features of a product
rather than its brand name. The trend that higher segment consumers only
buy the top brands has also come to an end.
Even after liberalization Indian companies and brands are doing very
well. It is clearly
evident from the fact that despite many foreign brands being sold in
India, Raymond is
still India’s largest textile company and Haldiram is doing well despite
the presence of
McDonalds and Pizza Hut.
The consumers today are not confined to a single brand and prefer change
rather than sticking to the same brand. Not often do we see any home
with cars of the same brand or household products of the same brand.
The use of credit card for shopping is a new emerging trend in India.
Also consumers are availing credit or loan from banks and other
financial institutions to fulfill their needs and wants.
The Indian consumers are spending thick and fast on premium and luxury
products.
The Indian consumers have shown another major change in their buying
behaviour.
They just don’t want availability of products, they also want better
experience, services
and ambience. This has led to the growth of shopping malls where
shopping, entertainment and better facilities are all available under
one roof.Toagreatextent the presence of heavy weight such as the
pantaloons, big bazaar,croma , nilgiris etc has given a huge fillip to
the growing market by not only selling products but also the experience.
The Indian consumer are much more inclined to the organized sector.
The rural Indian consumers are also showing signs of change. They have
all the modern amenities at their home and their standard of living is
fast improving. The rural households have earned huge money due to price
rise in real estate. They are also shifting towards industrial and
services sector, hence their purchasing power is increasing. It is
reflected in their living standard and possession of all electronic
gadgets and luxury cars.
There is a stiff competition in the Indian market today and it has
become a buyer’s
market from seller’s market. Customers are the ultimate beneficiary of
the fierce
competition in the market. Competition has reduced prices to a great
extent and has forced the manufacturer to maintain product quality to
sustain in the highly competitive market.
Though in a small way internet and and telemarketing have also caught
the attention of the Indian customers. Dell. Amazon .com, etc have
carved a good niche for them in the sector.
The consumers today do not mind availing credit as when needed. So
credit availability has become a key factor for determination of a
buying a good. Consumers are also availing the information available on
net through various forums and websites.
MARKETERS REPONSE TO CONSUMER
ATTITUDE
With change in consumer buying behaviour the companies also made
necessary changes
in their marketing strategies. The changes include:
1) Launching of premium products by companies to fulfill requirements of
high class
consumers.
2) Since purchasing power of rural India has increased, the companies
have started shifting their focus towards rural India to capture
untapped rural market. This has reaped huge benefits for companies like
in cases of PepsiCo, Coca Cola India and other FMCG companies.
3) Companies not only aim to sell their products but also aim to provide
better after sales services to its consumers. For example companies have
provisions to send their technicians to repair the cars struck at
highways or other outer locations due to
technical failure or in case of a mishap. This improves the company’s
credibility and
helps to build its customer base.
4) Companies design their products on the basis of market segmentation
so that they
have products to suit every pocket and requirement.
5) Due to sharp growth in the communication sector, companies are
providing many schemes and plans to attract customers. For example
mobile service providers provide lifetime option and free calls to other
mobile users under a specific plan of the company.
6) Due to fierce competition in the electronics market and people’s
willingness to
purchase hi-tech products the rates of LCD and plasma TVs have been
slashed by 25%- 30%. Through this strategy electronic companies received
very good response from the consumers in the recent past and were able
to build a considerable market for their
products.
7) Indian consumers have developed a liking for foreign tours and
holidays. This has led to development of many travel agencies that
provide a planned foreign tour at a reasonable price. What is even more
interesting is that the customer does not have to pay the amount in
lumpsum, instead, he has the facility to make the payment in monthly
installments according to his convenience.
8) Consumers of India have developed a tendency to save travel time. For
such consumers low fare or low cost carriers are available that provide
air travel facility at a very affordable price.
9) Consumers of India want better housing facilities. The construction
companies are fulfilling this requirement of consumers by providing them
luxurious houses, exquisite interiors, round the clock water and
electricity supply, full time security, club house, gymnasium, etc.
within the premises.
10) Indian consumers are increasingly becoming aware of the importance
of health and hygiene. Hence companies are making products to suit their
health like low calorie, low fat food. As far as hygiene is concerned
companies have fully mechanized their plants to maintain hygiene and
pack the food in such a way that it remains fresh for longer period of
time and does not lose its nutritive value before consumption.
11) The need for internet is fast growing. To fulfill this need of
consumers, mobile manufacturing companies are providing internet access
facility on mobile phones. This has revolutionized the communication
sector and provided a means of communication
that was never ever in anybody’s dreams till a few years back.
12) Indian consumer’s liking for credit is also increasing rapidly.
Hence many financial institutions have come into existence in India and
are flourishing. Banks have also become liberal in their loan and credit
policies.
THE ROAD AHEAD
The rising rate of growth of GDP, rising purchasing power of people with
higher propensity to consume with preference for sophisticated brands
would provide constant impetus to growth of white goods industry segment.
Penetration of consumer durables would be deeper in rural India if banks
and financial institutions come out with liberal incentive schemes for
the white goods industry segment, growth in disposable income, improving
lifestyles, power availability, low running cost, and rise in temperatures.
While the consumer durables market is facing a slowdown due to
saturation in the urban market, rural consumers should be provided with
easily payable consumer finance schemes and basic services, after sales
services to suit the infrastructure and the existing amenities like
electricity, voltage etc.
Currently, rural consumers purchase their durables from the nearest
towns, leading to increased expenses due to transportation. Purchase
necessarily done only during the harvest, festive and wedding seasons—
April to June and October to November in North India and October to
February in the South, believed to be months `good forbu ying’, should
be converted to routine regular feature from the seasonal character.
Rural India that accounts for nearly 70% of the total number of
households, has a 2% penetration in case of refrigerators and 0.5% for
washing machines, offers plenty of scope and opportunities for the white
goods industry.
The urban consumer durable market for products including TV is growing
annually by 7
to 10 % whereas the rural market is zooming ahead at around 25 % annually.
According to survey made by industry, the rural market is growing faster
than the urban India now. The urban market is a replacement and up
gradation market now.
The increasing popularity of easily available consumer loans and the
expansion of hire
purchase schemes will give a moral boost to the price-sensitive consumers.
The attractive schemes of financial institutions and commercial banks
are increasingly becoming suitable for the consumer. Consumer goods
companies are themselves coming out with attractive financing schemes to
consumers through their extensive dealer network.This has a direct
bearing on
future demand.
The other factor for surging demand for consumer goods is the phenomenal
growth of media in India. The flurry of television channels and the
rising penetration of cinemas will continue to spread awareness of
products in the remotest of markets.
The vigorous marketing efforts being made by the domestic majors will
help the
industry.
The Internet being now used by the market functionaries that will lead
to intelligence sales of the products. It will help to sustain the
demand boom witnessed recently in this sector.
The ability of imports to compete is set to rise. However, the effective
duty protection is still quite high at about 35-40 per cent. So, a flood
of imports is unlikely and would be rather need based.
Reduction in import duties may significantly lower prices of products
such as microwave ovens, whose market size is quite small in India.
Otherwise, local manufacturing will continue to stay competitive. At the
same time, there will be some positive benefits in the form of reduction
in input costs. Washing machines and refrigerators will also benefit
from lower input costs.
According to a study by the McKinsey Global Institute (MGI), Indian
incomes are likely to grow
three-fold over the next two decades and India will become the world s
fifth-largest consumer
market by 2025. In the given scenario, urban markets will continue to
fuel the Indian economy
for quite some time to come.
Moreover, expenditure by the middle class accounts for the bulk of
India’s urban
consumer expenditure. About 61 per cent of total urban income comes from
households
that can be classified as middle class—earning between US$ 1,493 and US$
9,955 a year.
Further, India is likely to see rapid urbanisation, with around 45 per
cent of Indians living in urban areas by 2050, up from 30 per cent in
2007-08, according to a study co- authored by National Council of
Applied Economic Research s (NCAER) Rajesh Shukla and Future Capital
Research s Roopa Purushothaman.
According to a report by McKinsey, India s overall retail sector is
likely to grow to US$
419.93 billion by 2015.
According to global real estate consultant, CB Richard Ellis, India has
moved up to the 39th most preferred retail destination in the world in
2009, up from 44 last year. The turnover of the organised retail segment
in India is pegged at around US$ 8.1 billion. It is expected to reach
US$ 51 billion by 2010.
Retail opportunity is slated to rise by about US$ 160 billion in India
in five years. In urban India, modern retail is likely to grow from the
current 9.6 per cent of total retail to 26 per cent in the next five
years, as per Technopak Advisors
The Indian consumer durables market seems to be relatively untouched by
the economic slowdown. The consumer durable goods output witnessed a 2.5
per cent rise in durables output in the first quarter of 2009, according
to a report by the Development Bank of Singapore (DBS).
Colour televisions have seen an increase in sales, growing 2 per cent to
2.8 million units
in January-March 2009, according to the figures released by ORG-GFK.
Whirlpool is on the expansion mode and is targeting a 22 per cent share
of the US$ 423.28 million washing machine market in India by the end of
2009, and is launching a range of new products with an investment of US$
4 million for the same.
Moreover, a large number of hi-technology durables are expected to flood
the US$ 4.03 billion Indian durables market in 2009. Samsung, LG, Haier
and Videocon are among companies planning new product launches in the
coming months
CONCLUSION
The Indian consumer remains one of the most upbeat globally. The Nielsen
Global Consumer Confidence study, conducted by Nielsen, a market
research company revealed that Indians are "the most optimistic lot
globally who think that their country will be out of the economic
recession in the next twelve months."
In fact, it is widely believed that the Indian market will fuel the
growth of multinational companies in the coming years. While most
leading companies are cutting costs in the US and Europe, they see India
as a strategic market, which can fuel their growth.

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