{"id":3655,"date":"2024-03-18T21:13:40","date_gmt":"2024-03-18T21:13:40","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/18\/indians-opting-for-premium-products-say-lenskart-bluestone-founders\/"},"modified":"2024-03-18T21:13:40","modified_gmt":"2024-03-18T21:13:40","slug":"indians-opting-for-premium-products-say-lenskart-bluestone-founders","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2024\/03\/18\/indians-opting-for-premium-products-say-lenskart-bluestone-founders\/","title":{"rendered":"Indians opting for premium products, say Lenskart, BlueStone founders"},"content":{"rendered":"
\"Indians<\/div>


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Indian consumers are willing to pay for premium products as they seek differentiation and aspire to enhance their lifestyle, eyewear retail chain Lenskart<\/a> founder Peyush Bansal<\/a> and digital-first jeweller BlueStone<\/a> founder Gaurav Singh Kushwaha<\/a> said here on Monday.<\/p>\n

They were speaking at the Startup<\/a> Mahakumbh.<\/p>\n

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\u201cIn general people want to improve their quality of life,\u201d Bansal said. \u201cIt\u2019s not a new phenomenon… Now people are saying that I\u2019m earning some money and I want to invest.\u201d<\/p>\n

According to him, people are willing to pay for a brand not because of its advertising, but because of the promise and trust it embodies. \u201cA lot of times we feel that now that I\u2019m advertising, I should be able to charge a premium,\u201d he said. \u201cBut that\u2019s not necessarily a brand.\u201d<\/p>\n

People buy the proposition, not the price, Bansal said.<\/p>\n

Kushwaha, chief executive of BlueStone, said Indians, particularly the younger generation, are willing to pay more for products or services that stand out from the rest.<\/p>\n

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\u201cYou look at Starbucks coffee\u2026 There was a time when people said no one will pay more than Rs 10 for tea and coffee, but people are paying Rs 300-500 for coffee,\u201d he said.He said there\u2019s still a long way to go, but having a great product can lead people to be more willing to pay a premium.<\/p>\n

Earlier, Nykaa<\/a> founder and CEO Falguni Nayar<\/a> said beauty and fashion are particularly appealing to the young population and are among the categories driving consumption today.<\/p>\n

\u201cCurrently, India\u2019s per capita fashion spend is approximately $54. As the GDP per capita increases to $5,500 by 2030, we are expecting this to grow to $160 per capita,\u201d Nayar said.<\/p>\n

By 2027, it is expected that the ecommerce market will be dominated by fashion, grocery, and general merchandise, accounting for two-thirds of the market, she said.<\/p>\n

On August 11, ET reported that Nykaa expects<\/a> the premium category in the BPC segment to grow faster than the mass category. It sees the premium segment accounting for 55% of consumer spending in the beauty sector by 2027.<\/p>\n<\/div>\n

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Indian consumers are willing to pay for premium products as they seek differentiation and aspire to enhance their lifestyle, eyewear retail chain Lenskart founder Peyush Bansal and digital-first jeweller BlueStone founder Gaurav Singh Kushwaha said here on Monday. They were speaking at the Startup Mahakumbh. Elevate Your Tech Prowess with High-Value Skill Courses Offering College […]<\/p>\n","protected":false},"author":2,"featured_media":3656,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/88591548.cms","fifu_image_alt":"","footnotes":""},"categories":[607],"tags":[6438,6440,6228,6439,353,6436,4203,6441,6437,4154,6442,2293],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/3655"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=3655"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/3655\/revisions"}],"predecessor-version":[{"id":3657,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/3655\/revisions\/3657"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/3656"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=3655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=3655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=3655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}