Business

HP targets millenials with ‘luxury’ devices

Encouraged by strong double-digit growth in the premium notebook segment, technology giant HP is now eyeing a share of the $30 billion luxury goods market in India.

The company on Wednesday launched two ‘luxury’ devices under its Spectre range — Folio priced at ₹1.99 lakh and HP Spectre x360 starting from ₹1.29 lakh. “When we say luxury market, we are not looking at it as just a PC market, but actually playing in the broader luxury market in India which is estimated to be about $30 billion. That is the market we are going after,” Sumeer Chandra, MD, HP Inc. India, told The Hindu.

He added that HP would be targeting millennials as well as high-net-worth individuals for the products.

“What these customers are really buying is something that reflects their lifestyle and sense of style. So, whether you buy a high-end purse or a high-end folio, it goes beyond meagre functionality,” he added. Designed with handcrafted leather, Folio is being touted as the world’s first convertible leather laptop.

Asked if the current subdued consumer demand will impact demand for the newly-launched products, Mr. Chandra said, “while there is some impact, these segments tend to be more economically elastic. So, I don’t expect the larger consumer softness to have much of an impact here.”

As per industry estimates, the premium notebook segment (priced upwards of $800), accounts for 27% market share in terms of value and 15% market share by volume of the overall consumer notebook segment.

“What we are seeing is that premium, as a segment, is growing faster than the average PC. Overall PC growth is in low single-digit, while premium is growing at high double-digit for the past several quarters,” he added.

Vickram Bedi, senior director, Personal Systems, HP Inc. India, added that the sales were driven by better functionality along with good design. “They are getting thinner, lighter, and with better battery life, along with the fact that they are great looking devices… some of that is being influenced by smart phones, people want their phones to look really fantastic and they want the same thing on their PCs as well.”

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Printable version | Aug 7, 2020 4:32:27 AM | https://www.thehindu.com/business/hp-targets-millenials-with-luxury-devices/article26261315.ece

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