Consumers in India have stopped following predictable purchasing patterns. Today, a buyer might compare prices for three items in the morning, find a founder-backed brand on Instagram in the afternoon, and pay a premium for it in the evening if the brand seems relevant. Product discovery might happen via a video, confirmation in a WhatsApp group, and purchase through express delivery. The decision to repurchase can depend on a simple factor, such as the speed of customer refunds.
For consumer brands, this means that the product itself is only part of the equation. Understanding why consumers make purchases, what they value, and what prompts them to return has become a significantly more complex task in running a business.
This is the topic that Cashfree and Consumer Collective by Atrium intend to raise at the The Consumer Circle meeting—an invitation-only, one-day event taking place in Gurugram on September 20th. The event will bring together founders, operators, and investors who create and support consumer brands in India for four sessions dedicated to issues shaping the next phase of D2C growth.
Although there is a lack of public discussion about growth in the consumer goods industry, the most valuable lessons are often discussed in a closed format. Founders may speak publicly about Gross Merchandise Value (GMV), launches, and fundraising, but conversations among peers take on a different character. They concern what remains after discounts, returns, shipping, and marketing; how much a new channel actually costs considering the platform economy and advertising; how conversion changes without discounts, and how to find investors capable of contributing more than just capital.
The Consumer Circle was created to foster an environment where such conversations can take place. Nothing said during the sessions will be disclosed outside the room, allowing participants to discuss their business decisions, challenges, and financial performance more openly.
The need for such discussions arises against the backdrop of changing consumer behavior. According to the Deloitte India report for January 2026 on fashion, additional consumer spending is directed towards improving the quality and updating essential items, rather than simply increasing the quantity of purchased products. For consumer brands, this makes understanding perceived value critically important. Furthermore, premiumization is spreading beyond India's largest cities, with second- and third-tier city consumers becoming significant drivers of premium demand. This changes brands' approach to assortment, pricing, and communication. Meanwhile, Generation Z has different expectations regarding culture, identity, and inclusivity. A brand increasingly needs to mean something to its customer that goes beyond the contents of the box.
The founders' challenge is to understand these shifts while continuing to build a scalable business. The Consumer Circle will examine these issues across four sessions, starting with breakfast and lasting until lunch, concluding with tea and networking at 3:30 PM.