To understand the higher demand for Mid-Range refrigerators in the market, we need to follow a systematic approach.
First things first, we need to be clear about our choices because the fridge price is constantly increasing.
After going through various surveys conducted in the sample size of 30 or more people, we stumbled upon some interesting facts that there is a clear correlation between Income group parameters and Family capacity.
Various factors influence the consumer’s behaviour when it comes to purchasing a refrigerator. We have carefully included and studied multiple patterns and factors such as:
- Preferred brands of refrigerators purchased by the customers
- Preferred model type, capacity bracket (in litres) by the customers
- Interpreted and analysed the psychological and socio-economic profile of customers
The customer decision-making process can be viewed as an interesting systematic approach:
[1.1] Recognition of their need-Most people, when they recognise their need for a fridge, falls under four categories.
- If they are facing problems or issues with their old freezing system and it is beyond repairing or too high cost of repairing.
- If they are setting up a new house after their marriage.
- If they are first-time buyers and wishes to experience the benefits of a fridge.
- If they want to increase their social status i.e. sense of superiority.
[1.2] Before buying any appliances, consumers do seek information, which can be again classified into two types:
1> Internal search- Owns a refrigerator and aware of the brand values of most of the refrigerator companies.
2> External sources- Decision influenced by media sources, advertisement, online and ongoing search, personal sources like relatives or close friends.
[1.3] Evaluation before finalising the refrigerator is a crucial phase. It involves various factors such as Brand, Storage capacity, Price, Power saving rating, Durability, Appearance, Freezing system, After-sales service and need of additional items or accessories or stabilisers for the main product.
[1.4] Consumers mainly purchased their appliances from their preferred or a particular shop near their home and made the purchase in full cash amount. A small portion of these consumers used their cards to make the payment or went for the EMIs option or purchased the refrigerator from online platforms.
Most consumers agree that post-purchase, once fully satisfied, will suggest the same model and brand to their own friends and families. Most of them also confirmed that they would go for the same brand in future as well.
After various research and surveys, it became evident that family status lay a great hold on consumer buying behaviour. Nuclear families tend to purchase mid-range refrigerators with lower capacity, preferable till 200 litres, which fulfils their daily needs.
Whereas Nuclear families with higher income might finalise higher capacity fridges, it will still be a mid-range refrigerator.
Here is one more exciting finding: individual or single people look for lower capacity fridges, but they have to settle for regular-sized mid-range refrigerators in the market. Most buyers want to purchase a trial and tested, i.e. top-selling models, instead of going for something suitable for their needs but has no previous user feedback or reviews.
Arrange families generally look for higher capacity refrigerators of around 600+ Litres capacity.
Higher-income groups of people are very selective of the available parameters. Buying a refrigerator for this high-income group depends on the determinants like a cool pad, rating, advanced features, display panels, wifi connectivity and other distinguishing features.
In most of the above cases, the majority of the consumers will go for a mid-range refrigerator as it serves their purpose by offering them all the basic features of a fridge, comes in attractive and latest designs, consumes less electricity, and some of them even come with an internal stabiliser.
A mid-range refrigerator offers all of these without putting unnecessary strain on their savings.
What to Consider When Buying a Refrigerator
Purchasing a new fridge is a big decision. Not only is the fridge a centrepiece among your other collection of kitchen appliances, but it’s also a common point to pick the raw materials like vegetables, fruits, eggs, frozen foods etc., for preparing family meals. You depend on it to keep your food safe and fresh.
By taking a bad decision, this refrigerator can even become an eyesore or an electrical energy hog that is forcing your electricity bills to run high, which can lead you to consider replacing the current fridge with a better one. Furthermore, the moment you walk into a showroom or start your online shopping, you will encounter seemingly endless decision points – from configurations and size to designs and features and much more. But we have got you covered.
If you wish to purchase a refrigerator under 10000, just follow the easy tips we have shared in our other articles and you will be well on your way to huge savings.
Buy your Mid-Range Refrigerator from the best online destination
Nowadays, a mid-range refrigerator comes with an internal stabiliser, splendid designs, the latest features and much more. Moreover, purchasing your favourite refrigerator now got much more accessible with Bajaj Finserv EMI Store.
Now you can purchase the latest refrigerator models from the Bajaj Finserv EMI Store without paying a massive amount of upfront money.
On the Bajaj Finserv EMI Store, you can buy the best refrigerator in India with tenors ranging from 3-24 months and repay the amount as per your convenient EMI plan. To fast-track the process, you can also check your pre-approved offer to get a proper EMI plan.