ET WLF: Industry leaders say India’s consumers now demand customisation, not sameness

Personalisation is the key emerging trend for India's consumer-facing companies, not just among elite customers and city folks but among middle-class customers from small towns as well, industry leaders said.

That was the common thread in a panel discussion at the event on Saturday where leaders from industries as varied as luxury hospitality, apparel, watches, payments and spirits explored how a rising, aspirational India is reshaping business strategies.

Over the last decade, Indian consumers have changed dramatically. They are wealthier, globally exposed, digitally connected, and more willing than ever to pay a premium, not just for products, but for experiences, said Rahul Jain, India head of Boston Consulting Group (BCG), who moderated the discussion.


All this shift is forcing brands to reimagine their offerings down to the smallest detail.

"Today's consumer doesn't want mass-produced sameness. They want to feel seen," said Ipsita Das, managing director of spirits maker Moet Hennessy India, which has been curating personalised experiences ranging from custom champagne bottles at weddings to rare whiskies sourced by year of birth for milestone birthdays.

For Raymond, one of India's oldest textile companies, this meant moving beyond its legacy as a fabric supplier to offering mass customisation across price points, as this desire for individuality is not confined to the country's elite.

"We have always been about tailoring, but now it's about tailoring at scale and making every consumer feel unique, whether it's a driver buying a white shirt or an industrialist ordering bespoke suiting," said Gautam Singhania, chairman and managing director of Raymond Ltd.

The hospitality sector, long accustomed to personalisation, is also pushing deeper. Puneet Chhatwal, managing director and chief executive of The Indian Hotels Company, which runs the Taj hotel chain, said the brand's mission is to remain "an emotion, not just a name."

As the company expands from heritage palaces to budget hotels and even homestays, it is trying to balance scale with intimacy. "Technology is an enabler, but it is our people who deliver trust, awareness and joy," he said.

Payment companies, too, are banking on personalisation. Visa, for example, has seen an explosion in co-branded credit cards, each offering unique benefits tied to consumer lifestyles ranging from luxury hotel perks to ecommerce rewards.

"The future is creating segments of one," said Sandeep Ghosh, group country manager for India and South Asia at Visa.

As affluence spreads beyond major metros into smaller cities, so does aspiration. Credit card spending from tier-2 and 3 cities has grown four times faster than in big metros, Ghosh said.

Meanwhile, digital payments and a booming creator economy are giving India's 500 million internet users more aspiration than ever before.

India's political stability and economic growth are boosting the number of entrepreneurs, high net-worth individuals and c-suite executives in the country, noted Erol Baliyan, chief executive, MENA and India, at Swiss luxury watchmaker Franck Muller.

Hence, India has high potential to improve its global ranking in the luxury watch industry from the current 21, he said.

The number of millionaires in the country is projected to reach 100 million by 2027, while luxury watch imports, which is still a fraction of that in China, are growing at double digits even as other global markets decline.

On the impact of artificial intelligence, the panellists cautioned that technology alone cannot deliver authenticity. AI may help Raymond forecast designs or Taj to optimise room pricing, but brands will be judged on the human touch, they said.