New Delhi, February 27: India’s consumer durables market is projected to reach ₹3 trillion by 2029, growing at an annual compound growth rate (CAGR) of 11%. This growth will be significantly influenced by the salaried class, particularly young professionals, according to a report released by GI Group Holding on Friday.
The report highlights that young professionals account for 37% of the sales in fast-moving consumer durables, with nearly 45% of purchases financed through loans or EMIs.
Approximately 74% of Generation Z consumers utilize financing options like EMIs or “buy now, pay later.” For 68% of buyers, product features are the primary reason for their purchases, followed by reviews at 61%, price at 59%, and warranty at 55%.
The findings indicate that about 73% of buyers still prefer products that offer “value for money,” yet nearly 70% are willing to invest in mid-tier or premium products for better performance.
Women are also playing a significant role in this upgrade demand, with 61% expressing interest in more ambitious purchases. Additionally, 46% of consumers are replacing their durable products every 2-3 years, and 63% often switch brands when upgrading.
As a result, the buying experience, after-sales service, and reliable support are becoming crucial differentiators in the market, driven by a persistent desire for upgrades.
The report suggests that the next major wave will be “smart living.” Currently, 42% of individuals own at least one smart device, and 67% indicate that their next purchase will feature smart capabilities.
Sonal Arora, Country Manager at GI Group Holding, stated that the report’s findings emphasize the need for employee training, enhanced retail experiences, robust after-sales support, and expansion through Production-Linked Incentive (PLI) schemes.
She added that companies that adapt to these changes will be able to develop flexible, creative, and customer-centric strategies to meet the needs of India’s growing middle class.
My name is Himanshu Tiwari. I am an experienced content writer with several years of expertise in the field. Currently, I contribute to Daily Kiran, creating engaging and informative content across a variety of categories including TECHNOLOGY, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
Leave a Comment