Remember your childhood days when Rs. 10 might have been a big amount? You would get it as pocket money and save it up in your piggy bank. Sometimes, this money would be good enough for a few gol gappes, or a bottle of water, or even a canned soda. While the price of items has definitely increased since the yesteryears, items worth Rs. 10 still have great popularity among the Indian consumer.
What are the reasons for customers still buying products worth Rs. 10?
While affordability is definitely a price point, it is believed that smaller versions of popular FMCG brands have gone a long way in convincing consumers in buying in bulk. For a brand of biscuits that you’re unsure of, would you rather buy a small version before buying the big ones?a
Rs. 10 serves as a good bracket to accommodate products like soaps, sodas, pens, stationery, toys, and more. India is Asia’s third-largest economy. New customers are attracted to this cheap price point as a result of the economic slowdown that in turn facilitates the growth of popular brands.
These lower prices have also helped large brands cater to the rural population. Brands such as Parle G, Dabur, Colgate, Dairy Milk, and others have smaller versions of their items that are of use to the low-affordable public. Nowadays, shoppers from rural as well as urban populations look at a smaller version of products and aspire to buy more. The demand generated is definitely a win-win situation for both the seller and the consumers.
Are products worth Rs. 10 more in value than their expensive counterparts?
Moreover, Rs. 10 stands as the initial price point raising demand and also consumption. If every item starts from a costly range, consumers won’t be attracted enough to purchase it. India, being large value market that it is, attracts customers from all segments, and cheap products gradually become a hit in the market.
Products available in small packs and sachets are also great for those who love travel-sized products. The affordability makes customers stock up in advance, or buy on the go, increasing the popularity of the brands as well. This has been the trend in the country for the past 2-3 years.
Are you more comfortable buying larger versions of your favorite products or you’d rather buy the Rs. 10 versions to satiate the child in you?