The pattern of consumer expenditure in discretionary space is changing rapidly. In order to capitalize on the present market opportunities, Voltas, one of the leading Tata Group companies, is gearing up to make way for some of its most prominent brands in the space of consumer durables. Voltas took the step in order to cut down its reliance on the business of air conditioners and water coolers alone.
Voltas at present is working in collaboration with Tata Strategic Management Group to review the consumer goods segments in which Tata Group outfits can explore. Along with this the group is also surveying on sectors where the Tata Group outfits can re-enter. The information was released by Pradeep Bakshi, President and Chief Operating Officer, Unitary Air Conditioner Division, Voltas.
Mr. Pradeep Bakshi stated that the company is eyeing to extend brands and the sectors that the company thinks can fetch significant proceeds in the market. He added that both Voltas and Tata Strategic Management Group are conducting surveys on potential scope for brand extensions so as to understand what would make a more sensible decision on part of the company across the different sectors of electronics and consumer durables. Mr. Bakshi said that he will be in a position of revealing more information only after the results from the survey is out.
Industry experts are of the opinion that long term sloth in consumer expenditure and a paradigm shift in consumer preference in the sector of consumer goods, with respect to what the consumers consider as optional and which products are a must-have for them, have probably triggered the company to consider the exercise. The survey would help the company to explore new business prospects.