Consumer Cravings for Luxury Tech Skyrocket in India, Reveals Sushil Motwani

The founder of Aytexcel Pvt Ltd says affluent, tech-savvy consumers are seeking high-end technology brands like Formovie.

According to a report by Statista, the Luxury Goods Market in India is projected to grow by 10.51% between 2024 and 2029. The demand for high-end tech products is also witnessing a surge thanks to the fast-evolving home entertainment market. Post the pandemic, consumers are seeking devices that can replicate the immersive big-screen experience right at home. In this context, luxury brands like Formovie are rapidly making inroads into the Indian market.

Formovie offers the Indian consumer, a pioneering range of smart projector that use ALPD (Advanced Laser Phosphor Display) as their light source to make the viewing experience 10x better than a regular projector. Formovie projectors like Theater, Cinema 3 , X5, S5, V10, R1, and R1 Nano also come with inbuilt speakers. The portability, as well as plug-and-play convenience of the projectors, facilitates movie watching, extended gaming sessions as well as the excitement of watching big-ticket sporting events anywhere, anytime.

Sushil Motwani, the founder of Aytexcel Pvt Ltd and the official India representative for Formovie believes, consumers are not shelling out big bucks only for the sake of flaunting status symbols but to bring home devices that are technologically advanced, multifaceted and offer convenience, top-of-the-line features and matchless performance.

Consumer Cravings for Luxury Tech Skyrocket in India, Reveals Sushil Motwan

He says, “India’s luxury tech market is booming due to consumer demand for innovative, premium experiences. Even though Formovie has entered the Indian projector market for the very first time, its growing popularity can be explained by the consumer preference for bespoke features and among other things, superior customer service. This elite club of consumers wants products that have kept pace with their evolving needs to deliver quality beyond their expectations.”

India is projected to emerge as the world’s third-largest consumer market by 2030, and a robust middle class and rapid digital transformation have a lot to do with it. Luxury tech in Motwani’s opinion is still a niche segment but is already wielding a strong influence on the market. “The elite consumer is well-travelled and is well aware of where global brands stand in terms of innovation, price points and features. They want the very best that money can buy and they are willing to spend large sums on products that offer exclusive, premium, highly personalized customer experiences. A brand like Formovie offers them all this and more,” concludes Motwani.