By Prabhakar Chaturvedi New Delhi [India], November 10 (ANI): Despite persistent inflation and sluggish demand, several leading FMCG and retail brands are doubling down on their premiumization strategies, reshaping their approach to appeal to discerning customers. Also Read | Pakistan Clinch Series Against Australia; Shaheen Afridi, Naseem Shah and Saim Ayub Shine as Visitors Register 8 Wickets Victory in AUS vs PAK 3rd ODI Match. According to several industry players, with the current inflationary pressures and tempered demand in urban markets, they are planning to refine the premiumization approach, with more adaptive prices and refined packaging, among others.
As the purchasing capacity of Indians is increasing with time, the companies are trying to tap those consumers and sell their premium products. Premiumization is a growth strategy where some category volume is converted to a higher value by persuading consumers to pay more for it. Also Read | Kollam Shocker: Man Visiting Girlfriend's House Stripped Naked, Tied to Electric Pole and Brutally Thrashed in Kerala; 4 Arrested.
"Archies is strengthening its premium appeal through inventive product design, category development, and a customer-centric approach that appeals directly to premium shoppers," said Varun Moolchandani, Executive Director of Archies, an Indian multinational retailer of greeting cards and gifts. Salloni Ghodawat, Director of Ghodawat Consumer Ltd., said that her company was enhancing its market presenc.