“People don’t really punish good brands”
In an interview with IANS, Amit Syngle, MD and CEO, Asian ...
“We have already innovated in the health and hygiene category and I think that service brands are something that we are going to work in a very strong way,” he added. Asian Paints is offering solutions that talk about a share of the space within the house rather than just the share of the surface. Indicating larger spend on homes, Asian Paints CEO said that the crux is that homes will become places of joy and happiness where people will feel secure and safe and that would be a zone where people will start investing largely.
However, currently, a home might come under discretionary expenses and people would spend more in maintenance-led painting rather than a painting led from the point of view of beautiful decor, he added. On consumer trends, Syngle said some large macro changes are expected. One is the entire consumer behavior from the digital point of view is going to change a lot. For the coming few months, spends on essential categories will go up and discretionary items will get deferred for some time.
“We also feel that people would down trade from premium to value-for-money brands to an extent. Health, hygiene, and well-being are the three areas where customers are going to spend a huge amount of money and therefore brands who can align in these areas would definitely benefit”, he added.