Consumer durable makers expect double-digit growth during festive season
20/09/2021
new delhi, sep 19: The consumer durable industry is expecting double-digit growth in the festive season sales this year, despite inflationary pressure on inputs that led to price hike twice in the year, shortage of components such as chipsets and a threat of a third wave of the pandemic.
The makers such as Panasonic, LG, Haier, Godrej Appliances and Lloyds are expecting a pent-up demand and good growth in premium products across categories like large-screen TVs, front-load washing machines, and bigger capacity refrigerators. The companies are keeping their supply chain and inventory ready for the festive season, which starts in the North and other parts from Dussehra and goes up to Diwali and usually accounts for up to 30 per cent of their sales in a month. Makers have planned to launch new models along with a 360-degree campaign, cash backs, easy finance options as zero down payment and long-term EMI schemes. A good festive season sales would also help them recover the losses incurred on account of the second wave of the pandemic and lockdowns. "We are seeing a steady rise in demand for value-proposition appliances such as such as smart 4K Android TVs, connected range of ACs (HU series), refrigerators, washing machines, microwaves and other lifestyle appliances," Panasonic India President and CEO Manish Sharma told.
He further added that due to the return of demand, the company has seen a growth of 25 per cent in August 2021 as against last year. "We are hoping to maintain the growth momentum through festive season to make up for losses due to the pandemic." South Korean electronic major LG had launched a range of flagship products ahead of the festive season. "Currently, consumer sentiment is quite positive. Work from home and stay at home have created good demand for durables, as leisure travel is restricted so certain section of consumers are spending on upgrading consumer durables," said LG India Vice-President (Corporate Planning) Deepak Bansal.
The company is witnessing good growth in premium products across categories, he said.
"We are also introducing meaningful consumer promotions for the festive season. Overall, we are expecting double-digit growth over last year," Bansal added.
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