New Delhi
India’s tech and durable offline retail market has witnessed a 10% year-on-year growth in value during the January-September period of 2024, driven by rising disposable incomes and greater internet access in smaller towns. A report on Friday highlights that smaller cities, particularly Town Class 3, have emerged as key drivers of growth, with a 9% value increase in Q3, surpassing Class 1 (6%) and Class 2 (5%) cities.
The growth is attributed to increased consumer spending on a range of products, including essential goods and premium tech items, driven by higher incomes and greater aspirations in these regions. Towns with a population of over 4 lakh also recorded a 3% growth, with media tablets seeing an impressive 90% rise in Q3. The demand for products offering connectivity, convenience, and sustainability is a key trend, signaling a shift towards premium, feature-rich items.
The festive period further boosted sales, with many consumers timing their purchases to take advantage of special offers and promotions. Telecom products, particularly 5G-enabled smartphones, saw a 7% growth in value in Q3, while the appliance sector contributed significantly to the overall 6% growth in offline retail.
This shift toward high-end products underlines the growing preference for durable and connected devices, and brands seeking to expand in India must cater to the evolving demands of this dynamic market.
