- According to technology research and consulting firm Cyber Media Research and Services, the average shelf life of a television set is declining in India.
- Consumers want to update their television sets more often.
TV with internet connectionsets are selling like hot cakes in the industry.
Gone are the days when Indian consumers held onto their television sets for over a decade. Now the average time it takes to upgrade a television set has dropped to 8 years.
According to a new study from CyberMedia Research (CMR), a technology research and consulting firm, “three in five consumers use their television for eight years before upgrading to a new set.”
“Urban consumers switch TV more often, every 7.5 years. On the other hand, Tier II and Tier III consumers tend to stick with their TV sets for an average of 8.5 years,” said Prabhu Ram, Head-industry consulting group, CMR.
In-home entertainment has taken on a whole new meaning after the pandemic. Consumers want to improve their entertainment experiences at home as they spend more time with their loved ones.
“Having spent two long years at home, the living room has become the center of the consumer’s life. The long-term isolation is driving consumers to upgrade to the latest and greatest option, by shopping for Smart TVs online, on platforms such as Amazon,” Ram said.
More consumers are open to
According to the report, three in five offline TV buyers are eager to buy their next TV online.
The preference for full high-definition TV with better picture quality, sound clarity and screen size has increased significantly and has helped to reverse the trend.
Cutting cables – or forgoing a pay-TV or fixed-line subscription in favor of an alternative Internet-based or wireless service – is now a major trend among consumers, with Internet connectivity in TVs being a major driver for purchases.
“In addition to the generation born on the internet, our research findings indicate a shift in the mindset of traditional offline consumers. While touch and feel was an important part of their purchase journey, they are now more open to online TV purchases. Trust, convenience and value are the main drivers of purchases,” said Ram.
Online consumers prefer Amazon over Flipkart, Reliance Digital and other ecommerce platforms. It scored highest on brand trust (71%), convenience (67%) and value (65%).
On the other hand, most offline TV purchases in Tier I cities take place in Croma.
Tier II consumers seem to prefer convenience as they said they have a