The average age of Indian consumers purchasing large TVs, cell phones, and cars has decreased in recent years. This shift in consumer behavior points to a growing interest across various demographic groups. Well-known automakers like Mercedes-Benz, Hyundai Motor, and Maruti Suzuki have observed a decline in the age of buyers, even for high-end vehicles, from the 40s to about the mid-30s between 2018 and 2023.
More than 70% of electric car purchases these days come from people in their 20s and 30s. Apart from automobiles, the average age of consumers purchasing Apple iPhones has decreased from 33–34 to 28–29, and for larger screen televisions (55 inches and above), it has decreased from 35–36 to 29–30 years.
Dishwashers and refrigerators without frost follow the same pattern. The attractiveness of aspirational consumer finance alternatives, a younger workforce with fewer liabilities, and higher starting and lateral recruiting salaries during the pandemic are some of the factors contributing to this trend.
Tarun Garg, the chief operating officer of Hyundai Motor India, observes that although car costs have increased, consumers' average age has dropped to 38 years old over the previous five years. He said that modern consumers are willing to spend more for things like linked features, cutting-edge technology, and safety because they want everything.
Suzuki Maruti Partho Banerjee, Senior Executive Director of Marketing and Sales in India, believes that as more young people join the workforce, the average age of automobile buyers will continue to decline. Additional factors contributing to the fall in the age of high-value product ownership include the rise in white-collar salaries, the availability of free EMIs, and the entry of brands into tier 2-3 towns where consumers have more disposable income. Even the wealthy and white-collar executives in their twenties and thirties who are just starting their careers are buying high-end smartphones. For instance, during the previous five years, Mercedes-Benz has observed a decline in the average age of its Indian clientele purchasing S-Class luxury limousines, from 45 to 38. Additionally, Audi states that customers under the age of 40 account for 40% of its sales.
According to Maruti Suzuki's internal research, the average age of sedan buyers has decreased from 41 to 36 years in the past six years.
The average age of premium compact hatchbacks like Swift and Baleno has dropped from 38 to 36 years, while the average age of multipurpose and utility vehicles like Ertiga has fallen from 40 to 37 years. India's changing demographics, which are progressively favoring the younger population, are contributing to this shift in buyer age. The trend of younger consumers is not just seen with luxury goods but also with non-premium devices.
Younger age groups now own more smartphones than before the pandemic, and the pattern of urban migration and economic growth that followed the outbreak raised demand for smart TVs among this generation. According to LG Electronics India's Head of Home Entertainment Business Abhiral Bhansali, more young working executives are also buying larger-screen TVs.
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