New Delhi, Jan. 27 -- A few years ago, Neha Mathur, a loyal customer of a well-known beauty brand, wouldn't have thought twice before restocking her favourites, even at full price. Today, however, she's scrolling through multiple e-commerce platforms, hunting for the best deals. "I'll buy whichever brand is offering a discount. Why pay more when they're all the same?" she says.

Mathur isn't alone. Across India, consumers are increasingly trading brand allegiance for value, driven by a culture of discounts, cashback offers and flash sales. This shift has left brands scrambling to retain loyalty in a market where price often outweighs everything else.

However, this narrative oversimplifies the evolving Indian consumer. As Shubhranshu Sing...