20 THINGS ABOUT

INDIAN CONSUMERS
 THRIFT AND PRACTICALITY WERE A PART OF STATUS SYMBOLS OF
MIDDLE INDIA

UNTIL THE 1980S, A TELEPHONE WAS CONSIDERED A LUXURY. IN THE 80S, 120K PEOPLE BOOKED A MARUTI 800 CC CAR BY PAYING AN
THERE WAS A WAITING LIST OF 20 MILLION. ADVANCE. IT HAD A 3 YEAR WAITING LIST!

Indians who booked Tesla’s Model 3 have been wait listed for 6 years!

Source: HBR, Economic Times 20 THINGS ABOUT INDIAN CONSUMERS 02

 BUT NOW INDIANS CAN'T HAVE ENOUGH OF THE ABSURDLY
EXPENSIVE IPHONES
Apple India Revenue (INR Cr)
50,000
45,000
40,000
35,000
30,000
25,000 CAGR of 44%!
20,000
15,000
10,000
5,000
-
FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23

● Two Apple flagship stores in BKC, Mumbai and Delhi

● Apple has 67% market share for premium smartphones

(>$800), Samsung trails at 31%

Source: Business Standard, Economic Times, Reuters 20 THINGS ABOUT INDIAN CONSUMERS 03
 % of cars sold in India with
sunroofs
25%

PRAY, WHY DO WE NEED

SUNROOFS IN A HOT COUNTRY 7%

LIKE INDIA? 2018 2023

● What happened to value consciousness?

● Rs 50-60 K for Sunroof which is not usable for

most of the year...

News reports state that the % of cars sold in India with sunroofs are >25% - graph plotted to show trend
Source: Economic Times 20 THINGS ABOUT INDIAN CONSUMERS 04
 LOWER MIDDLE-CLASS ALSO
Decathlon India Revenue (INR Cr)
MOVING UPWARDS FROM
UNBRANDED CAGR of 38%

● Young kids who are digitally native are the family

CTOs

● They are “digitizing” and “branding” their family

purchases
FY21 FY22 FY23
● They search for the best deals and flaunt on social
media

Source: Economic Times 20 THINGS ABOUT INDIAN CONSUMERS 05

 FAMILY ORIENTED NO MORE:
MILLENNIALS ARE GETTING MARRIED LATE AND DECIDING AGAINST KIDS

35% 65%

38% 62%

46% 54%

36% 64%

55% 45%

42% 58%

Source: Mint, TOI 20 THINGS ABOUT INDIAN CONSUMERS 06

 THE SINGLE CHILD, THE RAJA BETA OR RANI BITIYA, DOES NOT
NEED TO BUY A HOME
OWNING A HOUSE WAS A PREREQUISITE FOR SOCIAL CONDUCT, LIKE FOR GETTING MARRIED...

400

350

300

250

200

150

100
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2023
Housing units sold in '000

Source: RBI, Knight Frank for top 8 cities in India 20 THINGS ABOUT INDIAN CONSUMERS 07
 POST COVID INSTAGRAM
YOLO FUELS A WANDERLUST
NEVER SEEN BEFORE...
Looks like the traffic jam has also gone
to Manali on vacation!

Source: X.com 20 THINGS ABOUT INDIAN CONSUMERS 08

 GOA IS CROWDED? TRY VARNASI..

● Branded hotel chains now coming up in spiritual centres like Ayodhya, Pushkar,
Tirupati.

● 40%+ of the searches on Yatra.com are for hotels in religious destinations

The ‘Family CTO’ is planning trips for the whole family

Annual Footfall (Mn)

50

India could see an additional

50-100mn tourists a year on
25
20 account of the new Ram
Mandir
9 8
6.5

Taj Mahal Vatican City Mecca Ayodhya (expected Tirupati Temple, Vaishno Devi Temple,
footfall) Andhra Pradesh Jammu and Kashmir

Source: CNBC, Economic Times, Jefferies 20 THINGS ABOUT INDIAN CONSUMERS 09

IN A QUAINT VILLAGE 4 HOURS FROM
JAIPUR, INDIA'S LOVE FOR NIGHT LIFE
PLAYS OUT
● Magnetic Fields Festival, a 3-day music festival at a 17th
century palace Alsisar Mahal in Rajasthan

● Sponsored by luxury brands

● Eighth edition attracted ~5,000 music enthusiasts!

● $1,000++ for 3 days – has the time come for India's

Coachella?

20 THINGS ABOUT INDIAN CONSUMERS 10

 PREMIUM BIKES AND EVs ARE THE WAY TO GO

FY23 Revenue YoY growth Sales of premium EV 2-wheelers has tripled!

846
32%
727

3x

14% 252

75

FY22 FY23
Low-speed, low cost ('000) High-speed, premium ('000)
Premium (>150cc) Overall motorcycle market Linear (High-s peed, premium ('000))

Source: Economic Times, New Indian Express 20 THINGS ABOUT INDIAN CONSUMERS 11
 THE ULTIMATE VANITY IS A
GLOBAL DEGREE
THE RAJA BETAS COME BACK WITH
WESTERN TASTE AND INFLUENTIAL
POWER

● 1.3Mn+ Indian students studying abroad

● Increase in applicants from Tier 2 and 3 cities

● Students expected to spend $70b abroad by 2025,

over 50% of the oil import bill!

Source: RedSeer, Indian Express 20 THINGS ABOUT INDIAN CONSUMERS 12

 OF COURSE THEY CONSUME GLOBAL BRANDS
FOR THE REST OF THEIR LIVES...

ZERO MAKING
CHARGES TO
1000% MAKING
CHARGES!

Italian luxury brand Bulgari launched India exclusive Men's Kada (Bracelet)

Source: Bvlgari 20 THINGS ABOUT INDIAN CONSUMERS 13

 LUXURY RETAIL IS THE NEW BATTLEFIELD FOR CONGLOMERATES
AND THEY ARE ALL IMPORTING GLOBAL ARMS (BRANDS!)

Source: Company websites, Economic Times, Fortune 20 THINGS ABOUT INDIAN CONSUMERS 14
 Tata Trent Revenue

IS THE POWER SHIFTING BACK TO

OFFLINE PLAYERS?
How Tata Trent caters to the entire
spectrum of consumers

GENZ FOCUSED MID-MARKET FAST-FASHION, INDO-WESTERN DESIGN-FOCUSED

AFFORDABLE PRICE POINT MEN, WOMEN & KIDS CONSIDERED PREMIUM IN INDIA* LUXURY BRAND

*JV with Spanish group Inditex

Source: Company website and regulatory filings 20 THINGS ABOUT INDIAN CONSUMERS 15
 India's indoor plant market
(USD Bn)

9.8
5.1 WELCOME PET PARENTS AND
2021 2029E PLANT PARENTS!
• Indoor plants, online nurseries and 'plantfuencers'
seeing a growing trend

• Driven by increasing pollution, shrinking spaces and

of course, the aesthetic value – plants are the new
home décor!

Source: Deccan Herald 20 THINGS ABOUT INDIAN CONSUMERS 16

 THEIR MUSIC CONSUMPTION MIMICS Daily Streams in Mn
460
THE WEST – DIGITAL CONTRIBUTING TO
GROWTH OF MUSIC INDUSTRY 290

• Indian language music growing the fastest – 34% of streams in

FY23

• Within regional language, Punjabi music has 39% market share

FY20 FY23
• Interestingly, Spotify has 50:50 revenue mix of subscription and
advertisements in India while globally, ~85-90% of Spotify's 40% from outside of top 8 metro cities
revenue comes from subscription

Source: Livemint, Economic Times 20 THINGS ABOUT INDIAN CONSUMERS 17

 STRONG ANIME FANDOM IN INDIA

Crunchyroll plans

Ramayana - The Legend of Prince Ram Anime movie co-

● India is second largest market for Crunchyroll, a global anime brand produced in India and Japan in 1993 – aired on DD and
● Not just a metro phenomenon was introduction to anime for many 90s kids

Source: Livemint 20 THINGS ABOUT INDIAN CONSUMERS 18

 MUSIC, ANIME, GAMING...
GIVE US THE BEST AND WE DON'T MIND PAYING...

Indian Gaming Market ($ bn)

7.5

3.1

FY23 FY28

Total gamers in India estimated to be ~500Mn

of which regular gamers are ~90-100Mn Gaming is 48% of consumer spend on top 10 Android apps in India
Increasing engagement of gamers from non-metro

Source: Moneycontrol, EY, Business Standard 20 THINGS ABOUT INDIAN CONSUMERS 19

 Viewership (Mn)
130
NO WONDER LEAGUES IN OTHER
80
64 SPORTS ARE GETTING FORMED
15 DOMESTIC SPORTS LEAGUES
Indian Super League Pro Kabaddi (2023) Ultimate Kho Kho
AND COUNTING..
(2021) (Sep 2022)

Kho Kho league becomes the first Indian sports

league to secure private equity investment!

Source: CNBC,
LivemintEconomic Times 20 THINGS ABOUT INDIAN CONSUMERS 20
 BUT CRICKET IS OUR RELIGION.
ANY DOUBTS ABOUT INDIA'S
CONSUMER MARKET?

• Record high of 59Mn concurrent viewers on

Hotstar for Cricket World 2023 Final!

• IPL Rights for 2023-27 sold for $6B

Source: Business Standard, Sportico, Sports Pro Media 20 THINGS ABOUT INDIAN CONSUMERS 21
LOOKING FORWARD: MORE GLOBAL PRODUCTS
AND MORE GLOBAL EXPERIENCES

20 THINGS ABOUT INDIAN CONSUMERS 22

 INDIA QUOTIENT: EARLY STAGE SPECIALISTS

We love new categories that are unique to India

We invested in Sharechat when ‘Indian Social’ was not even a category.

We did the same thing in fintech with Lendingkart, and with software plays like Vyapar.

We hope this compilation of insights will spark the imagination of founders who are building for India.

It’s never too early for us to invest. We prefer demos over decks, but an email will do just fine.

Write to us: letstalk@indiaquotient.in

Great insight comes from seeing something

as odd and finding out why.
-PHILIP KOTLER

20 THINGS ABOUT INDIAN CONSUMERS