Festive Sale: Consumer durables products and appliances manufacturers expect their sales to grow by 35 per cent this festive season due to rising demand for high-end products and increase in prices. Some companies expect that the sales of their entry-level wide range of products will be good in the remote areas of the country. However, she is also adopting a cautious approach regarding this.
Companies expect better sales
Panasonic, LG, Sony, Samsung, Haier, Godrej Appliances, Voltas, Thomson and BSH Home Appliances expect their festive sales this year to be better than last year’s and may reflect the pre-Covid sales figures. Cross it too.
TV, refrigerator, washing machine companies expect sales of 75,000 crore during festivals
The festivals that begin with Onam continue till Diwali and account for one-third of the total annual sales across categories in the industry. Total sales are estimated to be around Rs 75,000 crore. To attract customers, manufacturers are working on schemes like extended warranty, easy EMIs and investment in promotional activities. However, he is concerned about the sale of a wide range of entry-level products as customers from smaller towns are still buying consciously for less money.
Kamal Nandi, Business Head and Executive Vice President, Godrej Appliances said, “We remain cautious on the broader segment and remain optimistic but the high-end segment is expected to witness good sales during the festive season.”
Panasonic Life Solutions India
Panasonic Life Solutions India Chairman Maneesh Sharma forecast double digit growth in Smart ACs, large screen TVs and home appliances category during this festive season and said that today’s customers are conscious of their choice and value etc. Expensive appliances are making a place in the buying decisions.
On the question of lack of rain and sales in smaller towns, Manish Sharma said that its impact on sales will be interim and it is expected that it will change after Navratri in Tier III markets.
Eric Breganza, president of the Consumer Electronics and Appliance Manufacturers Association (CEMA), said consumer demand is expected to pick up and sales are expected to pick up this festive season.
Sunil Nayyar, Managing Director, Sony India said that the festive season is showing good sales and sales during Onam and Ganesh Chaturthi have exceeded expectations.
Higher Appliances India
Satish NS, President, Haier Appliances India, said, “This festive season the industry will grow by 30-35 per cent in value terms.”
LG India Vice President (Home Appliances and Air Conditioners) Deepak Bansal expressed hope that sales will surpass the pre-pandemic figure. However, referring to inflationary pressures, he said that the rise of the US dollar against the rupee is a matter of concern.
Mohandeep Singh, Senior Vice President (Consumer Electronics Business), Samsung India said that the start has been strong during Onam and Ganesh Chaturthi with TVs with 55 inch and above screen, refrigerators of more than 300 liters and capacity of more than 8 kg. There was a huge demand for the washing machine. He said that this increasing demand will intensify during Durga Puja and Deepawali. Especially for expensive products and this demand will come not only from metro cities but also from Tier 2 and Tier 3 markets.