Affordable, High-quality Home Products Vital to Industry’s Growth: Industry Leaders at Metrix Conclave

At
a
national
conclave
by
Metrix
Research
&
Analytics,
experts
emphasised
the
need
for
innovation
in
affordable,
energy-efficient
home
products
to
fuel
market
growth.
The
home
products
market,
projected
to
reach
INR
3.50
lakh
crore,
is
evolving
with
the
industry’s
ability
to
offer
luxury
items
at
accessible
prices,
meeting
the
growing
demand
for
high-quality
products.
Bridging
the
affordability
gap
was
also
identified
as
a
key
priority,
alongside
recognising
the
rising
aspirations
of
Indian
consumers.
 

Industry
leaders
and
innovators
discussed
the
need
to
align
with
evolving
aspirations
of
India’s
diverse
consumer
base
 

Themed
‘Identifying
Growth
Opportunities
for
Home
Products’,
the
conclave
organised
by
Metrix
Research
&
Analytics,
brought
together
business
leaders
and
innovators
to
deliberate
on
the
future
of
this
segment,
and
how
imperative
it
is
for
the
industry
to
align
itself
with
the
changing
needs
and
aspirations
of
India’s
vast
consumers’ landscape.

In
his
keynote
address,

Vipul
Roongta,
MD
&
CEO,
HDFC
Capital
Advisors
Ltd.,
highlighted
India’s
demographic
shift
and
the
growing
middle
class,
many
of
whom
are
yet
to
purchase
their
first
home.
This
presents
a
massive
opportunity
for
growth
in
the
housing
market.
Roongta
stated,


“India
is
in
the
middle
of
a
housing
boom,
largely
in
the
affordable
segment.
The
middle-income
consumer
segment
desires
homes
and
home
products
that
reflect
modern
aspirations
whilst
remaining
affordable.
Bridging
this
gap
is
essential
to
drive
the
next
wave
of
growth.
By
offering
energy-efficient,
affordable
solutions
and
positioning
them
optimally,
the
industry
can
not
only
meet
the
evolving
needs
of
the
consumer
but
also
contribute
to
sustainability.”

Leaders
also
reflected
on
the
macro-economic
trends
and
its
bearing
on
the
home
products
industry.

Vivek
Chhacchi,
Managing
Partner
at
CX
Partners,
highlighted
the
significant
role
of
the
government’s
planned
capital
expenditure.
The
government
has
budgeted
Rs.
11
lakh
crore
for
capital
expenditure
this
year,
representing
42%
of
the
total
budget.
As
of
October,
only
a
small
portion
of
this
amount
has
been
spent.
However,
with
the
government
set
to
increase
spending
over
the
next
five
months,
there
is
an
expectation
that
the
economy
will
pick
up
pace
as
a
result.
He
further
elaborated
that
the
government’s
finances
are
in
good
shape
and
the
infrastructure
projects
will
accelerate,
giving
a
momentum
to
the
industry.

The
conclave
shed
light
on
trends,
including
rapid
urbanisation,
sustainability,
and
the
integration
of
technology
in
home
products.

Venkatesh
Vijayaraghavan,
MD
&
CEO
of
TTK
Prestige,
discussed
the
ongoing
shifts
in
consumer
habits,
particularly
in
relation
to
the
growing
hybrid
state
of
work
and
life.

“The
rise
of
e-commerce
and
awareness
on
health
and
sustainability
are
reshaping
consumer
preferences,
reflecting
a
paradigm
shift
where
convenience,
functionality,
and
digital
access
are
at
the
forefront,
opening
new
growth
avenues
for
the
home
products
industry.”
Similarly,

Puneet
Dhawan,
MD
of
LedVance,
highlighted
how
advancements
in
LED
lighting
are
driving
consumers
shift
towards
sustainability
in
the
home
products
sector.

Mohit
Narula,
MD
of
Ariston
Group
India,
added,


“As
awareness
of
environmental
issues
continues
to
rise,
consumers
are
becoming
more
discerning,
placing
greater
emphasis
on
quality,
energy
efficiency,
and
sustainability
when
choosing
home
products.”

Ejaz
Hoda,
Director
&
CEO
of
Metrix
Research
&
Analytics,
emphasised
the
paradigm
shifts
that
are
shaping
consumer
preferences,
stating,


“Aesthetic
appeal
and
health
consciousness
are
likely
to
drive
consumer
preferences
in
India’s
home
products
market
while
technology
will
remain
at
the
heart
of
innovation.” Mathew
Job,
Executive
Chairman
at
Watertec
India
Pvt.
Ltd.,
emphasised
the
critical
importance
of
innovation
in
driving
growth,
remarking,

“Innovation
can
impact
growth
and
create
value
in
many
different
ways.”
He
also
stressed
the
need
for
businesses
to
have
appropriate
metrics
in
place
to
ensure
success
of
innovation.

Drawing
parallels
with
the
evolution
of
tires
and
telephones,

Vivek
Yadav,
Executive
Vice
President
&
Switchgear
Business
Head,
Havells
India
Ltd.,
said,

“From
the
first
phone
call
in
1876
to
1.4
billion
mobile
phone
users
today,
these
breakthroughs
have
reshaped
industries.
Just
as
innovation
overcame
significant
hurdles
in
the
past,
it
continues
to
be
the
key
to
addressing
the
evolving
demands
of
today’s
fast-paced
world.”

With
innovation
at
its
core,
the
conclave
also
addressed
the
intersection
of
technology
and
sustainability.

Pradyumna
Poddar,
Chairman
at
IFMA
and
President
at
Fans
BU,
Usha
International
Ltd.,
noted,

“It’s
essential
to
find
a
balance
between
cutting-edge
technology
and
affordability,
so
consumers
feel
the
value
proposition
is
worth
the
price.”
Technology
is
reshaping
consumer
expectations,
and
sustainability
is
no
longer
optional.
By
addressing
these
elements
head-on,
the
industry
can
create
a
future-ready
industry
that
aligns
with
the
values
of
eco-conscious
consumers.

The
idea
of

‘premiumization
of
luxury
with
affordability’,
bringing
high-end
features
to
mainstream
audiences,
was
another
core
theme
that
was
discussed.
Leaders
advocated
for
positioning
products
that
combine
premium
quality
with
regular
price
points,
creating
opportunities
to
serve
aspirational
consumers.
On
account
of
holistic
growth
to
strategy
development,

Sameer
Anjaria,
President,
Standard
Electricals,
Havells
India
Limited,
expressed,

“Indian
consumers
are
increasingly
looking
for
avenues
to
express
their
individuality
in
their
home
decor.
This
need
for
uniqueness
combined
with
a
clear
trend
towards
smart
spending
drives
positioning.
When
evaluating
the
key
parameters
and
influences
for
any
organisation,
it
is
crucial
to
consider
these
consumer
drivers
and
balance
it
with
an
organisation’s
internal
parameters
like
technical
and
manufacturing
ability.”

Dinesh
Aggarwal,
an
industry
veteran,
former
Joint
MD
at
Panasonic
Electric
Works,
India
and
till
recently
CEO
of
RR
Kabel
Ltd.
noted,

“Metrix
Research
&
Analytics
has
been
a
reliable
partner
for
businesses,
offering
critical
insights
and
market
intelligence.
As
we
tackle
new
challenges
like
higher
consumer
expectation
from
ease
of
availability,
product
innovation
and
more
value
from
the
offering,
Metrix
is
well-equipped
to
guide
the
industry
in
navigating
these
complexities.”

The
conclave
saw
the
presence
of
several
prominent
leaders
from
the
home
products
industry
including
Saurabh
Goel,
Executive
President,
Havells;
Dr.
Rajbir
Singh,
Founder
of
Value
Centria;
Shankaranarayan
V,
Sr.
Director
&
Head
of
Product
&
Marketing
–
Consumer
Business,
Signify
Innovations
India
Limited;
Rakesh
Chahar,
Director,
Sheela
Foam
Ltd;
Sriram
Rangarajan,
EVP,
Consumer
Electrical
and
SBU
Head,
CG
Power
and
Industrial
Solutions
Ltd;
among
others.