Viveks, a household name in Tamil Nadu’s consumer durable sector, is aiming at 15-20 per cent growth in the current fiscal, according to Chairman and Managing Director BA Kodandarama Setty. Last fiscal, Viveks reported revenue of ₹250 crore.

“The buying sentiments among consumers have increased significantly in the last six months. We hope to have a good festive season,” he told businessline.

Consumers’ purchasing power has increased. In the olden days, there was only one earning member in the family. Today, every member of the family is an earning member. Living standards have increased substantially, said Setty.

Consumers are upgrading their requirements across all segments, including homes, automobiles, electronic gadgets and consumer durables. For Viveks, the largest selling products are home appliances (mainly air conditioners), consumer durables and kitchen items, he added.

Founded in 1965 by BA Lakshmi Narayana Setty, Viveks today has 23 showrooms spread across six cities - Chennai, Madurai, Rajapalayam, Tiruchirappalli, Salem, and Karaikudi - with nearly two lakh sq ft of retail space and a strong workforce of over 500 employees.

BS Vishal, Vice President, Marketing, E-Commerce, said post Covid, the Average Selling Price (ASP) has increased as customers want to buy quality products, and are looking at longevity. Gone are the days of customers buying Chinese products at lower cost.

The ASP has increased to nearly ₹25,000 from ₹18,000 to ₹19,000 before Covid. Every individual has a mobile phone; every room in a house has a television while the only common thing in the house is washing machine and a refrigerator, said Vishal.

Consumers don’t want to buy a television for two or three years, but for a longer duration with the latest features. It is like buying a car where consumers prefer buying a vehicle with all the features by spending a little more, he said.

Consumers do their homework; want to see the product before buying and want a better range. For example, the average size of the washing machine used to be 5.5 kg or 6.5 kg but today people prefer 7.5 kg and 8.5 kg. Similarly, in television, the average size is now 55 inches or 65 inches while earlier it used to be 34 inches or 45 inches.

“We are also changing our strategy accordingly to meet the demands of all category of consumers. If a consumer wants a steel rice cooker at ₹800, we have it. If someone wants a rice cooker at ₹2,000 also we have it. If someone wants Insta pot rice cooker at ₹15,000, we have that too,” he said.

The relaunched flagship store of Viveks is a company’s strategy to cater to all segments of the society. The store is specially designed in a geometric pattern with stylish and bright black & white interiors. This is aimed at providing live product experience including the largest range of products, largest range of premium appliances, said Vishal.

This is a pilot project, and depending up on the response, the company will upgrade other stores, he added.