In the last 5-6 years, the typical age of Indian consumers purchasing cars, premium smartphones, and large televisions has decreased by as much as seven years, demonstrating a significant trend toward younger buyers in consumer purchasing behaviors.
The average age of Indian consumers for vehicles, high-end smartphones, and large televisions has decreased by up to seven years over the last 5-6 years, indicating a significant shift towards younger buyers in consumer behavior.
Leading automakers including Maruti Suzuki, Hyundai Motor, and Mercedes-Benz report that the typical age for purchasing vehicles, including luxury models, has dropped from the 40s to the mid-30s between 2018-19 and 2023-24. They note that more than 70% of electric vehicle purchases are made by individuals in their 20s and 30s.
During the same timeframe, the average age of Apple iPhone purchasers has decreased from 33-34 to 28-29, and for large television screens (55 inches and above), it has reduced from 35-36 to 29-30, according to industry data. This trend is also observed with frost-free refrigerators and dishwashers.
Tarun Garg, chief operating officer at Hyundai Motor India, mentioned, "Despite the rise in vehicle prices, the average age of our buyers has decreased by five years to 38 years over the past five years." He added, "Consumers today are aspirational and demand everything — connected features, advanced technology, safety — and are prepared to pay more for these."
Partho Banerjee, senior executive director (marketing and sales) at Maruti Suzuki India, indicated that the country's largest car manufacturer anticipates a further decline in the average age of car buyers as more young individuals enter the workforce.
Marketing professionals explain the reduction in age for owning high-value products as a result of increased initial and lateral hiring salaries during the pandemic hiring surge, an aspirational younger workforce with fewer liabilities, and the widespread availability of consumer finance. They note that many first-time jobholders are now purchasing cars costing upwards of ₹10 lakh and latest smartphones priced nearly ₹1 lakh.
Madhav Sheth, CEO of smartphone brand Honor in India, stated that premium smartphones are being purchased not only by the affluent but also by white-collar workers aged 20-30 or those in their initial jobs. He highlighted factors such as increased white-collar salaries and no-cost EMIs, and mentioned that brand penetration into tier 2-3 cities with high disposable incomes has also helped lower consumer age.
For Mercedes-Benz, Santosh Iyer, the managing director, reported that the average age for Indian buyers of the S-Class luxury limousine has dropped to 38 years, making it one of the youngest demographics globally, down from 45 five years earlier. He remarked, "The proportion of sales to salaried professionals has also risen during this period, indicating structural changes in the luxury car market in India."
Audi also reported that 40% of their sales now come from customers under the age of 40.
According to internal research by Maruti Suzuki, the average purchasing age for sedans has decreased from 41 years to 36 years in the last six years, from 40 years to 37 years for multi-purpose and utility vehicles like the Ertiga, and from 38 years to 36 years for premium compact hatchbacks like the Swift and Baleno.
Arushi Chawla, a senior analyst at Counterpoint Research, noted a similar trend in the non-premium smartphone segment, where the average age of buyers has also declined. "Post-Covid, there has been an uptick in smartphone ownership among younger age groups. Additionally, economic prosperity and urban migration trends following the pandemic have spurred demand for smart TVs among a younger demographic," she said.
Abhiral Bhansali, head for home entertainment business at LG Electronics India, observed, "A lot of young working executives are now opting for large screen TVs."
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