Young Salaried Indians To Propel Consumer Durables Market To ₹3 Lakh Crore By 2029: GI Group Report

New Delhi: As India’s consumer durables market is expected to grow at an 11 per cent compound annual growth rate (CAGR), reaching Rs 3 lakh crore by 2029, India’s salaried class, especially young professionals, will be the driving force of the sector, a report said on Friday. The report from GI Group Holding said that young professionals account for 37 per cent of fast‑moving consumer durables sales and nearly 45 per cent of financed purchases.

Around 74 per cent of Gen Z consumers use EMIs or ‘Buy Now, Pay Later’ options. Product features ranked as the top decision driver for 68 per cent of buyers, followed by reviews at 61 per cent, price at 59 per cent and warranty at 55 per cent. "Around 73 per cent of buyers continue to opt for value‑for‑money choices, but nearly 70 per cent are willing to invest in mid‑tier or premium products when performance justifies the spend," the report said.

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Women remained the driving force of aspiration-led upgrades, as 61 per cent reported more aspirational purchases. Replacement is accelerating as 46 per cent of consumers replace durables every 2–3 years, and 63 per cent often switch brands while upgrading, it added. Consequently, buying experience, post-purchase support, and service reliability are emerging as critical differentiators in a market where upgrade intent remains consistently high.

“The next wave is smart living, with 42 per cent already owning at least one smart device, and 67 per cent say their next purchase will be smart enabled,” the report said. “The findings highlight the necessity of personnel training, immersive retail experiences, excellent post-purchase assistance, and further expansion through PLI programmes," said Sonal Arora, Country Manager, GI Group Holding. Businesses that adjust to these shifts can create flexible, creative, and customer-focused strategies to satisfy the needs of India's growing middle class, Arora added.

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