Indian shoppers snap up premium products

Indians are buying more premium products, pushing up the average selling price (ASP) of several categories such as televisions, refrigerators, laptops, smartphones and shoes by up to 18% in the past one year.

While ASPs had gone up in 2020 and 2021 as well, that was driven by both price increases and premiumisation. But now, with prices remaining stable for the past six months, an increasing shift towards premium products is solely driving ASPs, industry executives said. The strong ASP growth has come even as sales of entry- to mid-level segment products, which contribute 70-80% to total sales in their categories, are still to reach pre-pandemic levels.