As consumers look for attractive offers and discounts in the festive season, companies have increased the prices of air conditioners and other consumer appliances by 5-8 percent. However, they are optimistic that sales will grow in the double digits this festive season. Companies believe that the use of premium products, replacement of old ones, easy access to finance and improved consumer sentiment will contribute to the growth in sales. Companies have recently increased prices due to rising prices of copper, aluminum, steel and crude oil-based products, as well as rising transportation costs and fluctuations in the value of the currency. It is noteworthy that this is the third price hike this year. Meanwhile, with strong sales recorded during Onam in the south, the industry expects this momentum to continue till Navratri and Diwali.
Haier: Despite the price hike, Haier Appliances India CEO NS Satish expressed confidence that the industry will definitely register double-digit growth. He said that the festive season is expected to witness a growth of 30-35 percent in value terms and about 20 percent in unit sales. Satish said that the industry growth could be 10-15 percent.
LG: We are very optimistic about the upcoming festive season, said Sanjay Titara, co-chief sales and marketing officer, LG Electronics India. He said that consumers are not only upgrading refrigerators, washing machines, TVs and air conditioners, but are also exploring things like dishwashers, microwave ovens, audio products and water purifiers.
Sony: Sony India MD Sunil Nayan said that the overall value growth during this festive season is expected to be around 15-20 percent. He said that they expect a strong festive season this year. He said that premium products, new product launches and consumer offers are supporting demand.
Godrej: The festive season is a good opportunity to buy refrigerators, washing machines and air conditioners, said Kamal Nandi, head of Godrej Enterprises Group (Appliances Division). He said that despite the inflationary environment, their sales were brisk during Onam. He said that they are optimistic that the festive demand will pick up in other regions as well.