Gen Z and millennials power India’s rapid upgrade cycle

The market for kitchen appliances, consumer electronics and furniture is entering a new phase: upgrade and switch.

- Sowmya Ramasubramanian

What was once a 7- to 10-year purchase cycle is increasingly being compressed into a 2- to 3-year refresh.

(MINT)

Consumer goods across categories are being replaced faster than ever, especially by young, salaried professionals in urban centres.

What was once a 7to 10-year purchase cycle is increasingly being compressed into a 2to 3-year refresh.

Almost 46% of consumers now replace durables every two to three years, while 63% switch brands when they upgrade, according to data by staffing and consulting firm GI Group Holding shared exclusively with Mint.

Sonal Arora, country manager at GI Group Holding, said the shift is particularly visible among younger cohorts.

"Over the past three years, 93% of Gen Z and 72% of millennials have switched brands, compared with less than half among older generations," Arora said.