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Technical consumer goods (TCG) saw value growth of 29 per cent from January to December 2022 compared to the same period in 2021, according to GfK.
GfK Market Intelligence Offline Sales Tracking for Jan–Dec 2022 vs 2021 reveals that from smartphones to refrigerators and air conditioners, the premium products category grew up to 9 times faster than the entire segment in 2022.
Nikhil Mathur, Managing Director–India at GfK, said, “Indian consumers are motivated by the value-led approach, in which product innovation, customer experience, and premium features will continue to drive sales for the premium category growth in 2023.”
While smartphone sales saw 35 per cent value growth, devices costing more than ₹30,000 registered 94 per cent value growth in 2022 compared to last year. Premium panel television sales (ultra-HD models with screens larger than 55 inches) registered 95 per cent value growth, while the category clocked 11 per cent value growth.
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
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