A Study on Consumer Buying Behaviour Towards Durable Products in Arni, Thiruvannamalai Dist. Tamilnadu

Abstract

The Indian consumer durables industry has witnessed a considerable change over the last few years.Changing life style and higher disposable income coupled with boom in the real estate and housing industry and a surge in advertising have been instrumental in bringing about a sea change in the consumer behavior pattern.Consumer durables involve any type of product purchased by consumers that is manufacture for long-term use. As opposed to many goods that are intended for consumption in short term, consumer durables are intended to endure regular usage for several years or longer before their replaced is required just about every household contains at least a few items that may be consideredas consumer durable nature. With India being the second posttest growing economy having a huge consumer classes, consumer durables have emerged as one of the posttest growingindustries in India. The rapid economic growth is increasing and enhancing employment and business opportunities and in turn increasing disposable incomes. Middle class, defined as households with disposable incomes from Rs.200000 to Rs.1000000 per annum comprises about 50 million people roughly 5% of the population at present. By 2025 the size of middle class will increase to about 583 million people or 41% of the population.Extreme rural poverty has declined from 94% in 1985 to 61% in 2005 and is projected to drop to 26% by 2025. Affluent class, defined as earnings above Rs.1000000 per annum will increase from 0.2% of the population at present to 2% of the population by 2025. Affluent class’s share of national private consumption will increase from 7% at present to 20% in 2025.