Consumer Durables Industry May Gain In The Festive Season
Consumer durables industry may increase in the festive season this year, with double-digit growth expected.
The consumer durables industry is expected to witness double-digit growth in festive season sales this year.
However, inputs have seen inflationary pressures, which have led to price increases twice a year, and the shortage of components such as chipsets and the threat of a third wave of the pandemic.
Manufacturers such as Panasonic, LG, Haier, Godrej Appliances, and Lloyd’s expect an increase in demand for premium products across categories such as large-screen TVs, front-load washing machines, and large capacity refrigerators.
Companies are keeping their supply chains and inventory ready for the festive season, which starts from Dussehra and continues till Diwali and usually accounts for up to 30 percent of their sales in a month.
The makers plan to launch new models with the 360-degree campaign, easy finance options in the form of cashback, zero down payment, and long-term EMI plans.
Good sales from the festive season will also help them to recover losses due to the pandemic and the second wave of lockdown.
Manish, President, and CEO, Panasonic India, said, “We are witnessing a steady rise in demand for value-proposition devices such as Smart 4K Android TVs, ACs (HU Series), Refrigerators, Washing Machines, Microwaves, and other lifestyle devices.
Due to the comeback, the company has witnessed a growth of 25 percent in August 2021 as compared to the previous year.
We are looking forward to sustaining the growth momentum during the festive season to offset the losses due to the pandemic.”
Deepak Bansal, Vice President, Corporate Planning, LG India said, “Currently, consumer sentiment is quite positive.
Working from home and staying at home has created a good demand for durables. Hence the spending on upgrading consumer durables. are doing.”
Kamal Nandi, Business Head and Executive Vice President, Godrej Appliances, said, “Despite the concerns around the third COVID-19 wave.
Double vaccination should help continue to drive positive consumer sentiment. The festive season usually brings us annual sales
