According to Peyush Bansal, CEO of Lenskart, consumers are eager to invest in premium products.

At the Startup Mahakumbh in New Delhi, Lenskart founder Peyush Bansal and BlueStone founder Gaurav Singh Kushwaha highlighted the trend of consumers being willing to invest in premium products to elevate their lifestyles. Bansal emphasized that consumers are driven by the desire to enhance their quality of life, leading them to seek out brands that embody trust and reliability rather than merely being swayed by advertising. Kushwaha echoed this sentiment, noting that Indian consumers, particularly the younger demographic, are increasingly inclined to pay a premium for products or services that offer uniqueness and distinction. He cited the example of Starbucks coffee, indicating how consumers are willing to pay higher prices for experiences or items that stand out. Both founders emphasized the importance of offering compelling products that resonate with consumers, predicting significant growth in categories like fashion and beauty as India’s GDP per capita increases. Falguni Nayar, founder and CEO of Nykaa, further underscored the potential for growth in the premium segment of the beauty and personal care industry, projecting it to outpace the mass market segment by 2027.