Innovating Affordable Luxury: Shaping India's Home Products Industry

At a national conclave by Metrix Research & Analytics, experts discussed innovation in affordable home products, vital for market growth projected at INR 3.50 lakh crore. Bridging affordability with evolving consumer aspirations, leveraging government spending, and embracing technology were focal points as industry leaders deliberated future strategies for growth.

In a significant national conclave organized by Metrix Research & Analytics, experts have underlined the critical need for innovation in affordable and energy-efficient home products. With the home products market projected to soar to INR 3.50 lakh crore, the emphasis was on aligning industry capabilities with consumer aspirations for luxury items at accessible prices.

Vipul Roongta, MD & CEO of HDFC Capital Advisors Ltd., highlighted the demographic shifts powering a housing boom, especially in the affordable segment. He stressed the opportunity for growth by offering modern yet affordable solutions to meet the aspirations of India's burgeoning middle class, focusing also on sustainability.

The conclave addressed trends like rapid urbanization and the role of technology in home products. Emphasizing sustainability, leaders noted the importance of balancing innovation with affordability, catering to eco-conscious consumers while advocating the premiumization of luxury for the mainstream market.

(With inputs from agencies.)