Market going through a paradigm shift
If we produce something premium and better for the market, the consumer doesn’t mind spending a little extra. Case studies have proved that this trend might increase profit margins rather than adversely affecting them, says Varun Jain, Director, NV Distilleries.
Globally speaking, the growing phenomenon of premiumisation, in all possible segments, is the way forward since luxuries are becoming necessities. Following this trend, NV is also focusing towards not only adding some new premium products to their portfolio but also by upgrading the current ones. “The plan is to come out with some really outstanding limited editions of our current products as well. I feel giving thrust to adding premium brands in the portfolio is something that has to be done in order to survive in today’s competitive times,” says Varun Jain. With an array of premium brands coming out in the market, most companies are eyeing to evolve their range. “I feel India’s alcoholic beverages market is also evolving and is understanding the true meaning of quality, which has always been paramount for NV. Overall, the India’s alcoholic beverages market is going through a paradigm shift and consumer does not mind spending a little extra for quality and experience,” he opines.
The market, he says, is a sure shot winner in this entire movement as it is always good to have choices, especially when they are getting better. Talking about rationalisation of regular brands, he is of the view that in a diverse market like India, companies will have to cater to all segments. “I have no doubt that rationalisation will eventually happen but it is an ongoing process. It will take its own sweet time,” he avers.
