Hyderabad, May 26 (FN Representative) About 70 per cent of citizens from Southern India are now prioritizing purchase of Health and Home Security gadgets, Godrej Security Solutions, a business of Godrej & Boyce, the flagship company of the Godrej Group, said in its recent study called ‘Cocoon Effect on Home and Health Security.’ Godrej Security Solutions estimates the total addressable health and home security market for FY 2021-22 in the country will reach around INR 450 cores with a CAGR of 20%, given the rising adoption rate and demand for home and health security products.
The study found 84 per cent people agreed that post the pandemic and the subsequent national and state lockdowns, protecting their health and wellbeing has become a priority for them. This has further become the need of the hour since South India, and particularly its rural area, has been severely impacted, the study said. The report further showed that respondents from Kochi unequivocally agree that staying at home, protecting their health and wellbeing is a priority in the current times. This was followed by Hyderabad (95.08%) and Bengaluru (86.89%). This shift towards health was also reflected in the purchasing priorities.
Prior to COVID-19, more than 1 in four respondents from southern India (25.88%) cited they were ‘most likely’ to purchase a smartphone or tablet from a given list of consumer products, including kitchen appliances (22.87%), Jewellery (18.26%), and health devices such as UV sterilizers (12.22%), the study revealed. With rising cases and lockdowns, there has been a 49 percent rise in the adoption of home security gadgets amongst residential owners across Southern India states. The study also revealed that 61 percent of Indian women have taken the lead in raising their understanding of different home and health security parameters, product benefits and usability. The study revealed women are taking charge of researching on the importance of using UV based products which are certified by a competent authority such Indian Council of Medical Research to safeguard loved ones from photo-biological risks of over or accidental direct exposure.
Commenting on the research, Mehernosh Pithawalla, Vice President, Godrej Security Solutions said the pandemic has led to a Cocoon Effect among citizens. It has forced them to shift focus and re-evaluate their home and health security preparedness. Our research highlights that India’s ‘security deficit’ is now undergoing a stark change as consumers are adopting an inside-out approach by taking charge of their home and health security. While the authorities are initiating lockdowns and social distancing norms, it is necessary for citizens to adopt additional health security measures in order to eliminate or minimize any exposure to this highly contagious virus, even while at home. This has to the emergence of the health security market, Mehernosh added.