Business
Coffeemakers are the new centerpiece? India’s growing craze for cafe-like coffee at home; lakhs splurged on aroma and style – The Times of India
Spent a fortune on a coffee machine and those exotic beans to replicate that cappuccino you loved overseas? You are not alone. For many rich Indians, the coffee machine on the kitchen counter is no longer just for making a drink, rather it has become a lifestyle statement, as more people are trying to bring the cafe experience they enjoyed overseas, right in their homes.A growing number of young, affluent consumers are spending several lakh rupees on high-end coffee machines, specialty beans and cafe-style equipment to mirror the ambience of European coffee houses. These machines, which offer far more than basic espresso or latte functions, have become objects of prestige. Brands such as Versuni, SMEG and DeLonghi are increasingly being displayed as centrepieces in kitchens and lounges, erasing the line between appliance and art.
India’s coffee craze
From only a few hunderds six years ago, now, almost 20,000 premium coffee machines are estimated to be sold locally, every year, a figure that includes direct imports by companies, ET reported. This does not includes the large number of machines that individuals bring into the country themselves while travelling abroad or order through international e-commerce platforms. With limited availability of high-end brands and models in India, parallel imports continue to rise. Ravi Saxena, founder and chief executive of Wonderchef Home Appliances, links this trend to the rapid spread of neighbourhood cafes across Indian cities. He says this has created strong interest in recreating cafe-quality coffee at home. A trained barista, Saxena sells about 1.4 lakh coffee machines a year, including premium automatic models priced between Rs 60,000 and Rs 90,000. The appetite for premium machines is also visible among frequent international travellers. Gurgaon-based hotelier Rajat Gera placed an order for an SMEG machine in December for Rs 1.3 lakh and is still waiting for it to arrive at Indian ports. “It’s a piece of art that deserves to be placed as a centrepiece in the kitchen or lounge,” he says. The overall coffee machine market in India is valued at Rs 250–300 crore and is growing at more than 15% a year. Total sales across price categories reached about 4.2–4.5 lakh units in the last calendar year, compared with roughly 1.8 lakh units in 2019. While machines priced up to Rs 15,000 continue to dominate volumes, premium models are steadily expanding their share.
Struggling for the right taste
For some buyers, the shift is rooted in dissatisfaction with cafe offerings at home. Satyendra Shukla, who runs a boutique investment firm, bought a La Carimali machine for Rs 1.5 lakh two years ago. “I had to struggle for every cup of coffee in India. No cafe could give me coffee I liked. The right texture, temperature or taste seldom came together. Now, my well travelled friends say I make the best coffee. I look after the machine and spend a lot of time sourcing the best beans.” Others are prepared to absorb heavy import costs. Kolkata-based independent professional A Banerjee purchased a Philips machine priced at Rs 57,000 from Amazon UK for Rs 95,000 after accounting for shipping, customs duties and currency conversion. Gulbahar Taurani, chief executive of Versuni India, attributes rising demand to young consumers exploring different beans, flavours, aromas and brewing styles, including coffee mocktails mixed with tonic water. He said the company’s pilot launch of premium models priced up to Rs 80,000 in India has been highly successful. Versuni plans to combine its global technology with adaptations for Indian preferences. While its entire range is currently imported, Taurani has not ruled out domestic manufacturing as volumes grow. Retailers are also reporting strong traction. Coffee machines are among the fastest-moving categories in stores. Vijay Sales sells 400–500 units every month. “Coffee machines have become a lifestyle product. While most of the demand is still in the entry- to mid-segment, premium models are also selling fast. This could become a big category in the next three to four years,” said Nilesh Gupta, director, Vijay Sales. What was once a simple kitchen tool is rapidly turning into a lifestyle statement, as coffee drinkers in the country are investing not just in caffeine, but in culture and cachet at home.
Business
Banks to report all related party forex derivative transactions: RBI – The Times of India
Mumbai: RBI has required banks to report all foreign exchange derivative deals involving the rupee undertaken in India and globally by their entire group, including overseas branches, subsidiaries, and parent entities. This brings into view offshore trades that were earlier largely invisible. This applies to both OTC deliverable and offshore non-deliverable contracts, meaning even speculative offshore bets on the rupee must now be disclosed. Banks now must report detailed transaction data-size, counterparty, maturity, and structure-no later than two working days, though trades below $1 million and certain already-reported or internal hedging transactions are exempt.
Business
Renters’ Rights Act: My tenant owes £15,000 in rent, but I can’t get them out of the property
Currently, under a so-called Section 21 notice, a landlord can evict a tenant without giving a reason – and with just eight weeks’ notice. The new legislation will restrict landlords to a handful of legal reasons for evictions, including wanting to move back in, anti-social behaviour by tenants or persistent rent arrears.
Business
‘I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back’
Sarah has now got her money back but there are calls to reform the deadline for reporting scams to banks.
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