The sector had grown by 11.5% in 2006-07 against 8.5% in the previous year. During April-September 2007, the overall growth of consumer durables industry has been 13%, a trend that is likely to continue as the industry expects a growth of 12% this fiscal.
The survey reflects the changing dynamics of consumer behaviour since luxury goods are now being perceived as necessities with higher disposable incomes being spent on lifestyle products, Ficci president Habil Khorakiwala said in a statement.
The survey noted that the countrys rural market was growing faster than the urban market. The rural Indian market, which accounts for nearly 70% of the total number of households, is witnessing a 25% annual growth, while the urban consumer durables market is growing at an annual rate of 7-10%.
The fast-growing segments during April-September 2007 and April-March 2006-07 are high-end products like flat panel TVs, LCD TVs, Plasma TVs, Slim CRT TVs, frost-free refrigerators, fully automatic washing machines, split air-conditioners, DVD players, microwave ovens and home theatre systems.