Which tyre brand is the most popular among millennials?
NEW DELHI: The latest research from the Centre for Consumer Information and Public Policy (CCIPEP) has revealed that the average consumer in India is now spending a staggering $6,200 a year on tyres.
The research, conducted in collaboration with the Council of Indian Chambers of Commerce and Industry, shows that for a family of four, that amount is the equivalent of $5,600 in monthly disposable income.
This is despite the fact that the total value of tyres sold in India, excluding fuel and repairs, has declined in recent years.
The CCIPEP research shows that the cost of tyre repair has dropped by more than 40 per cent in the past year, from $2,857 in 2016 to $1,904 in 2017.
The findings come just weeks after the government unveiled a series of measures to curb emissions of greenhouse gases from cars and trucks, which included the launch of a new carbon levy on petrol and diesel cars, a new tax on light trucks and a scheme for consumers to buy their own vehicles.
The CCIPE study found that for every $1 spent on tyres, a family spends $1.15 on petrol, and $1 on diesel.
The cost of repairing tyres also jumped by more then $1 a week.
But the study found the cost is not the only reason people are buying tyres, as it also has an impact on the quality of tyres.
In the report, CCIPep noted that people were also spending more on tyre sales because they were less likely to have access to quality tyres.
“These changes are happening in a country that is a major exporter of tyres, and one that is known for its poor quality,” CCIPP President Rakesh Gopinath said.
“It is an unfortunate trend that is being driven by the very large number of consumers who are opting for tyres that are of poor quality.”
The CCIF survey found that 84 per cent of respondents said they would buy tyres if they could get them at any retailer.
This compares to 79 per cent who said they’d buy tyres from a third party and a further 16 per cent from a private dealer.
A total of 24 per cent said they wouldn’t buy tyres unless they could find a reliable supplier.
“We are not suggesting that we are encouraging people to spend a lot of money on tyres or that we’re in favour of tyre manufacturing,” said CCIPe president Rakeshe.
“The fact is, these are very difficult products to buy.
If we want to make the world a better place, we have to do better with our supply chains.”