According to Deloitte, Indian consumers are prepared to pay more for their next vehicle, despite inflation fears. A large number of them are looking at vehicles in the Rs 10-25 crore price range. According to Deloitte’s 2023 Global Automotive Consumer Study, (GACS), Indian consumers are shifting to value experience over price. They will even accept a longer delivery period of up to 4-12 months for a better experience.
A study of 1,003 Indian consumers was conducted between September 21 and 29, 2022. It found that around 47% of vehicle intenders were in the Rs 10-25 lakh price range.
28% were available for Rs 10 lakh or less. It stated that around 57% of intenders would purchase electric vehicles (EVs), starting at Rs 10-25 lakh, and 20% in the range of Rs 10-25,000.
There is a clear shift in an Indian consumer’s buying pattern, where an average consumer is prioritising experience over cost, the report said, adding,”Traditionally, the Indian consumer has been cost conscious and cost versus mileage was the most important parameter for vehicle purchase.”