New Delhi: Buoyed by a good start to ‘Onam’ in the South Indian markets, the appliances and consumer electronics industry is expected to see around 18-20 per cent growth in sales this festive season. The industry believes that organizing the ICC Men’s Cricket World Cup amid the festive season will boost business. This will increase television sales. Especially the sales of big screen TVs are expected to increase. Apart from this, sales of audio products like battery-powered party speakers, soundbars, wireless headphones and ear buds will also increase.
TV makers including LG Electronics, Panasonic and Thomson expect the 55-inch screen size to drive sales of larger smart TV panels as well as traditional and smaller-sized TVs. The industry expects 18 to 20 percent growth in overall sales. Sales of premium products like large screen TVs, high capacity refrigerators and washing machines will increase by more than 30 percent.
To woo customers, companies are preparing to bring new offers as well as attractive discounts and interest-free finance schemes. However, there are also concerns about the sale of affordable entry-level products. Kamal Nandi, business head and executive vice president, Godrej Appliances, said that this festive season will once again see demand based on price.
Overall sales numbers will be similar to last year, but higher-priced premium products will increase by more than 30 percent. Sales of the appliances and consumer electronics industry are expected to cross Rs 70,000 crore this year. Festive season sales start from Onam in the south and continue till Ganesh Chaturthi, Durga Puja and Diwali-Chhath. It contributes about 25-27 percent to the total sales.
Panasonic Life Solutions India also expects double digit growth of more than 10 percent in this festive season, in which smart ACs, refrigerators and washing machines will have a special contribution. LG India Senior Vice President Ashish Aggarwal said that the company has offered Diwali offers before the festive season to attract consumers.
He expected good demand for big screen TVs, battery party speakers and soundbars. There are many consumers who upgrade their homes or shift to new homes, hence there is a demand for premium products. Among these, there will be significant growth in segments like large screen TVs, large size refrigerators, washing machines, microwave ovens and ACs.