CNN Central News & Network–ITDC India Epress/ITDC News Bhopal: 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.
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.
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