Durable goods are consumer goods that have a long lifespan (eg 3+ years) and are used over time. Highly durable goods such as refrigerators, cars, or cell phones typically continue to be useful for three or more years of use, and therefore durable goods are typically characterized by long periods between successive purchases.
These durable goods are called consumer durables and examples of consumer durables include cars, household goods (household appliances, consumer electronics, furniture, etc.), sports equipment, and toys.
Characteristics of durable goods
Below are the characteristics of durable goods:
- Durable goods are also called durable goods or durable consumer goods
- Tends to last at least three years, useful for more than 3 years
- Durable goods have a long life and hold up over time, and do not wear out quickly
- Do not need to be purchased frequently, the second purchase of durable goods is time lag
- Durable goods are generally sold with a higher margin
Some examples of durable goods are appliances, home and office furniture, lawn and garden equipment, consumer electronics, toys, small tools, sporting goods, photographic equipment, jewelry, motor vehicles and motor vehicle parts, turbines and semiconductors.
The durable consumer goods industry consists of durable goods and appliances for household use such as televisions, refrigerators, air conditioners and washing machines. Instruments such as cell phones and kitchen appliances such as microwave ovens are also included in this category.
The sector has experienced significant growth in recent years, aided by several drivers such as the emerging retail boom, real estate and housing demand, higher disposable income and an overall increase in the level of wealth of a significant part of the population.
The industry is represented by major international and local players such as BPL, Videocon, Voltas, Blue Star, MIRC Electronics, Titan, Whirlpool, etc.
The consumer durable goods industry can be broadly categorized into two segments: consumer electronics and consumer appliances. Consumer devices can be categorized into brown goods and white goods. The main product lines of each segment are as follows.
A household appliance, appliance, or appliance is a device that helps with household functions such as cooking, cleaning, and storing food. While many appliances have been around for centuries, self-contained electric or gas appliances are a uniquely American innovation that emerged in the 20th century. The development of these devices is linked to the disappearance of full-time servants and the desire to reduce time-consuming activities in favor of more recreational time. Major appliances, also known as white goods, include major appliances and can include:
- kitchen appliances
- Washing machine
- air conditioners
- Speakers and audio equipment
- Kitchen Appliances / Brown Goods Consumer Electronics
- Microwave oven
- The iron
- Electric fans
Consumer electronics or home electronics is electronic equipment (analog or digital) intended for everyday use, usually in private homes. Consumer electronics includes devices used for entertainment, communications and recreation. Consumer electronics devices such as smartphones, tablets and laptops are constantly evaluated against three key criteria: low cost, high energy efficiency and support for communication standards. Here are some examples of consumer electronics:
- Mobile phones
- Mp3 player
- DVD players
- VCD players