Indians are biggest spenders on consumer electronic goods

Indians are biggest spenders on consumer electronic goods

Mumbai: Indians have emerged as the biggest spenders on consumer electronic products, according to an Accenture survey on the spending habits of consumers from eight countries. It revealed that 18% of the survey respondents from India spent over $3,000 (around Rs1,38,300) on electronics, compared with only 6% of the respondents spending as much in the US, France, Germany and China.

The survey covered current and future spending and usage patterns for 19 different consumer technologies, including smartphones, high-definition television sets and computers by covering 16,000 consumers in four “mature" nations (US, Germany, France and Japan) and four “emerging" nations (China, India, Malaysia, and Singapore).

Some 24% of emerging market respondents spent less than $500 and 67% more than $500 on tech products such as smartphones and computers last year.

Spending was the highest in India, where 77% of the respondents claimed to have spent at least $500 each, including 18% who spent $3,000 or more. Among respondents in the mature markets, 33% spent less than $500 and 44% spent at least $500 on technology products last year.

The survey vindicated the confidence that many global consumer electronic companies have displayed in the potential of emerging economies by setting up manufacturing bases in countries such as India, the world’s fastest growing market for mobile phones.

Emerging market consumers use mobile devices more than they do computers to access Internet-enabled applications and services, according to Jean -Laurent Poitou, managing director of Accenture’s electronics and high-tech industry group, who says that consumers from mature economies are following suit.

Further, buyers from emerging markets are more likely to pay a premium for “environment-friendly" products.