Premium Choices and Big Days Accelerate Growth for Modern Retail: NIQ

Jammu Tawi: NielsenIQ (NIQ), the world's leading consumer intelligence company, released the Full View of Modern Trade Retail Trends in India across the FMCG and Tech & Durables market. NIQ Market Intelligence reveals significant trends that highlight India's dominant position in the Asia Pacific region. India emerges as the only market consistently delivering double-digit growth in both the FMCG (Fast-Moving Consumer Goods) and Tech & Durables (T&D) sectors, underscoring the resilience and evolving preferences of Indian consumers. Modern Trade Remains a Preferred Channel Amid E-Commerce Growth While online channels continue to grow, modern trade formats remain an important channel among consumers. The latest data from NIQ for the period MAT March 2024 vs 2023 shows a 2% increase in FMCG Modern Trade salience in urban India, along with a 4% rise in T&D Modern Trade, underscoring the importance of Modern Trade as a channel for marketing and sales execution. Sonika Gupta, Executive Director, Customer Success – India at NIQ, stated, “According to our NIQ Consumer Life Global study, 41% of surveyed urban Indian shoppers see a product online but choose to purchase it in-store, while 43% delay purchases until they find sales or special offers. The Modern Trade channel continues to offer a consistent and convenient shopping environment, which remains attractive to consumers, even during periods of inflation.”“Many new product launches in Modern Trade are within the premium-plus space, reflecting a growing consumer willingness to pay up to 2X the average price for superior benefits and features.”, Sonika added. Brands may consider optimizing their offerings within this segment to maintain competitiveness and meet consumer expectations.