As the festive season sweeps across India, the consumer electronics market is undergoing a significant transformation. Traditionally a time for celebratory purchases, 2024 has brought a clear shift towards premium gadgets and appliances, as the country’s growing middle class embraces high-end technology. Brands like Xiaomi, OPPO, vivo, Haier, Sony and Apple are capitalising on this rising demand, each vying for the attention of consumers eager to upgrade their lifestyles.
Sony: The ‘Cinema is Coming Home’ Campaign
Sony is also witnessing a surge in demand for its premium home entertainment offerings this festive season. According to Mr. Sunil Nayyar, Managing Director, Sony India, “As Diwali approaches, we are witnessing a surge in demand for large-screen televisions, especially 55" and above, with 75" and 85" screen sizes gaining significant traction. Our premium soundbars have seen exceptional demand as customers embrace a deeply immersive entertainment experience at home.”
Sony’s ‘Cinema is Coming Home’ campaign, endorsed by renowned filmmaker Mr. S.S. Rajamouli, has played a key role in driving this demand. “We are offering lucrative bank offers and easy finance schemes to make the purchase easier for our customers both in the offline and online space,” Nayyar added, highlighting the brand’s efforts to make premium home entertainment more accessible.
Xiaomi: Bringing Smart Homes to Life
For Xiaomi, the festive period is a prime opportunity to showcase its premium products, particularly in the home entertainment segment. The brand has recorded a 30 per cent increase in the large-sized 4K television segment, signalling strong demand for high-quality home entertainment systems. According to Anuj Sharma, Chief Marketing Officer of Xiaomi India, “Consumers are keen on buying products that add value to their lifestyles.”
Xiaomi has introduced Rs 1,000 crore worth of festive offers across its product range, with its Xiaomi Pad and Pad Pro 5G seeing heightened interest during the 70-day festive period. This demonstrates how Indian consumers are increasingly investing in smart home devices to enhance their living spaces, making Xiaomi a key player in the premium home entertainment market.
OPPO: Elevating Festive Excitement with Premium Smartphones
OPPO India is embracing the festive season with its “Pay 0, Worry 0, Win Rs 10 Lakh” campaign, which includes no-cost EMIs and cashback on premium smartphones like the Reno 12 Pro 5G and F27 Pro+ 5G. OPPO is making premium technology more accessible by blending high-end performance with flexible financing options, ensuring consumers don’t have to choose between quality and affordability.
In addition, OPPO’s “My OPPO Exclusive Diwali Raffle” has added an extra layer of excitement for buyers, offering prizes ranging from OPPO Find N3 Flip foldables to OPPO Enco Buds2 TWS. This combination of top-tier products and enticing offers has solidified OPPO’s standing in the premium smartphone segment during this key sales period.
vivo: Celebrating 10 Years with a Premium Expansion
As vivo celebrates a decade of success in India, the brand is expanding its premium footprint just in time for the festive season. With over 25 new exclusive stores across India, including two new outlets in Hyderabad, vivo is bringing its premium products closer to consumers.
A vivo spokesperson explained, “We anticipate strong demand this season, driven by our flagship devices that seamlessly blend performance with aesthetics, meeting the evolving expectations of discerning customers.”
To mark this milestone, vivo is offering an extended 10-month warranty on its X Fold, X100, and V40 series, along with special offers like Rs 10 down payments on select smartphones from its X, V, and Y series. This blend of high-end innovation and consumer-friendly pricing is set to drive strong festive sales for the brand.
Apple: Luxury Meets Affordability with Festive Cashback Offers
Apple is also making its mark on India’s festive season with an enticing mix of premium products and attractive financial deals. The company is offering up to Rs 10,000 instant cashback with eligible cards, alongside no-cost EMI options for up to 12 months across a wide range of devices, including iPhones, MacBooks, iPads, Apple Watches, and accessories like AirPods Pro and HomePods. This promotion, available until 31 December 2024, underscores Apple’s efforts to make its luxury ecosystem more accessible to a wider audience.
Additionally, with the launch of the iPhone 16 series, Apple introduced an exclusive offer during the first weekend: customers who purchased the iPhone directly from Apple’s online store or at Apple Stores were given a pair of Beats Buds Solo wireless earbuds for free. This gesture, combined with Apple’s ongoing festive deals, reflects the brand’s strategy to further cement its position in India’s premium market by offering added value to early adopters.
When the iPhone 16 was launched in September, analysts predicted a bumper launch for the Cupertino-based company. It is estimated that Apple could gain up to 20-30 per cent market share in the premium segment. Furthermore, Apple’s overall market share in India’s smartphone sector could rise as high as 8.5 per cent. Apple is soon launching Apple Intelligence with iOS 18.1 and enhancing consumer experiences this Diwali with features like Music Haptics in iOS 18, allowing users to feel the rhythm through subtle vibrations—particularly beneficial for individuals who are deaf or hard of hearing.
Haier: Premium Appliances at the Heart of Indian Homes
Haier has also experienced strong demand this festive season, particularly in the LED TV and washing machinesegments. NS Satish, President of Haier Appliances India, noted that consumers are increasingly choosing volumetric products like multi-door refrigerators and larger appliances, reflecting a desire for more advanced home solutions during Diwali.
“Affordability is key, as consumers increasingly opt for financing options,” Satish explained, emphasising how financing has enabled even rural consumers to access premium appliances. Haier’s focus on high-capacity, feature-rich products is resonating well with the evolving expectations of Indian consumers.
Market Insights: A Growing Appetite for Premium Gadgets
According to Anshika Jain, Senior Analyst, at Counterpoint Research, India’s premium consumer electronics market is experiencing rapid growth, driven by a burgeoning middle class and rising disposable incomes. “India’s consumer electronics market is experiencing rapid growth, mainly propelled by segments like smartphones, wearables, laptops, tablets, and home appliances. The positive consumer sentiment is driven by a burgeoning middle class and higher disposable incomes.”
This festive season is expected to see over 35 million smartphones sold, with a 3 per cent year-on-year volume growth and a 9 per cent year-on-year value growth by the end of Diwali. Large-screen Smart TVs—especially those 55 inches and above—have gained popularity, along with smart home cameras, air conditioners, and robotic vacuum cleaners. Additionally, e-commerce platforms like Amazon and Flipkart are taking aggressive steps to attract India’s tech-savvy consumer base, with quick commerce platforms seeing unexpected growth in categories like personal audio devices and smart wearables.
Looking Ahead: The Premiumisation of Indian Consumer Electronics
India’s consumer electronics market is undergoing a significant transformation, with an increasing focus on premium products across smartphones, home appliances, and entertainment devices. As Faisal Kawoosa, founder and chief analyst at TechARC, notes, the rise in luxury products within the consumer electronics space mirrors broader economic trends.
While volume sales may see moderate growth, the real surge is happening in value sales, as consumers seek products that enhance their experiences and offer long-term value. With brands like Xiaomi, OPPO, vivo, Haier, and Apple all competing for market share, the 2024 festive season is shaping up to be a defining moment for premium electronics in India.
As Diwali lights up homes across the country, these trends suggest that India’s appetite for premium technology is only set to grow, with consumers increasingly looking for products that combine luxury, performance, and value.
