Indian consumers are willing to pay a premium for purchasing their next vehicle despite fears of inflation, with a large portion of them looking at automobiles in the Rs 10-25 lakh price bracket, according to a study by Deloitte. They are now prioritising experience over cost, indicating a clear shift in buying pattern and a majority of them are even willing to accept a longer delivery time up to 4-12 weeks for a better experience and preferred choice of vehicle, said Deloitte's 2023 Global Automotive Consumer Study (GACS).
The study conducted from September 21-29, 2022, with a sample of 1,003 consumers in India found that "vehicle intenders in the price bracket Rs 10-25 lakh were around 47 per cent".
"For Rs 10 lakh and below these were 28 per cent. About 57 per cent intenders were willing to purchase Electric Vehicles (EVs) from Rs 10-25 lakh and 20 per cent in the range of Rs 10 lakh and below," it said.
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."