Indian consumer market sees significant drop in average buyer age across cars, smartphones, and TVs

economictimes.indiatimes.com:

average age of Indian consumers of cars, premium smartphones and large televisions has dropped by up to seven years in the past 5-6 years, reflecting a major shift in consumer buying pattern towards younger demographics.

Top car makers such as Maruti Suzuki, Hyundai Motor and Mercedes-Benz say the average buying age, including for luxury vehicles, has fallen from the 40s to almost mid-30s between 2018-19 to 2023-24. Companies said over 70% of electric cars are currently bought by those in their 20s and 30s.

In the same period, the average age for Apple iPhone buyers has declined from 33-34 to 28-29 and for large screen televisions (size 55-inches and upwards) from 35-36 years to 29-30, as per industry estimates. Similar is the case with frost-free refrigerators and dishwashers.

“Vehicle prices have increased, but the average age of our buyers has come down by five years to 38 years in the last five years,” said Tarun Garg, chief operating officer at Hyundai Motor India. “Consumer today are aspirational and want everything — connected features, advanced tech, safety — and are willing to pay more for them,” he said.

Maruti Suzuki India senior executive director (marketing and sales) Partho Banerjee said the country’s largest car maker expects a further drop in the average age of car buyers as more young people join the workforce.

Marketers attribute the decline in age for high value product ownership to higher starting and lateral hiring salaries which several executives got during the pandemic-driven hiring