Spoilt for choice: How changing consumer preferences & tech advancements driving upgrades in electronics and car
Hyundai Motor India gave the third significant upgrade to its flagship sports utility vehicle Creta this January, almost nine years after its launch in 2015 and about four years after its second generation in 2020.
But the next big development followed in just three months with the performance-focused Creta N Line variant hitting the roads in March. Now, an electric version is scheduled for later this fiscal.
Leading manufacturers of cars, smartphones, and consumer electronics are all rolling out upgrades, facelifts and newer versions of their flagship models faster than ever before, driven by the largely young consumers’ crave for latest innovations and trends, as well as the need to push sales growth that has been muted in most of these categories for almost four years now. They are also aided by relentless technological advancements that make it easier, faster and cost-effective to make design changes and produce new variants, industry executives said.
Take the case of Samsung’s flagship Galaxy S24 Ultra smartphone launched in January.
On Friday, the country’s largest smartphone manufacturer refreshed the portfolio with a new variant in yellow colour. Industry executives said the shelf life of cars, smartphones, televisions and refrigerators has come down post Covid-19.
The shelf life for cars is down to 3-5 years now from 6-7 years earlier while for smartphones it’s down to about 18-20 months from 25-28 months earlier, as per industry estimates. Smartphone makers also refresh their portfolio with cosmetic changes every 3-5 months.
