Kotak MF: Premium spending surges as mass consumption lags; Apple India FY26 revenue seen at 2x HUL
Kotak MF report flags a sharp K-shaped split in Indian consumption. Food wallet share dropped to 46% rural and 39% urban, while premium smartphones grew 5.9% CAGR vs -1.2% for mass. Urban wealthy incomes compounding 18% vs 6% for mass households (FY20-25). Apple India FY26 revenue projected at twice HUL's.
Kotak MF report flags premiumisation in Indian consumption: food wallet share shrinking, premium smartphones, autos, rent and durables rising. Affluent urban incomes growing 18% CAGR vs 6% for mass; Apple India FY26 revenue projected at 2x HUL.
Why this matters
Kotak MF's note crystallizes a structural shift visible across retail signals: premiumization led by Apple, jewellery and travel is outpacing FMCG staples, with HUL and mass-market peers facing volume pressure.
Retail-brand signals steady at 560 in 90d, with premiumization narratives dominating recent flow.