Consumer appliance makers in India expect double-digit sales growth this festive season, even after raising prices by 5 to 8 per cent. The hike covers air conditioners and other appliances.
It is the third round of price changes this year and came just before the peak shopping period. Company executives shared their views with PTI on October 4. They say premium products, replacement buying, easy finance and better consumer mood will support demand.
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Sales got off to a good start in the South, where Onam brought strong demand. Makers hope this momentum will carry through Navratri and Diwali. LG Electronics India has also seen encouraging inquiries ahead of Navratri.
Haier Appliances India CEO N S Satish was asked if the industry could still grow in double digits. "Definitely," he said, putting industry growth at 10 to 15 per cent. He expects Haier to do better, with growth of 30 to 35 per cent.
Satish says buyers who have already decided to purchase will adjust in two ways. Some will pick a slightly smaller model within their budget. Others will use EMI plans to upgrade to a premium one. Another executive said sales stayed strong during Onam despite the inflationary mood and expects other regions to follow.
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Higher metal and crude-linked material costs, freight charges and currency moves pushed companies to raise prices. The impact may stay small for now. Dealers stocked products at older prices through pre-buying schemes in August and September, so most Diwali sales will come from old-price stock. Executives say the new prices will take full effect after Diwali.
The festive season matters a lot for this industry. The period from Onam to Diwali usually brings 30 to 40 per cent of yearly sales. Makers also expect higher prices to put some pressure on the number of units sold.
Demand for energy-efficient and smart connected products should lift the value of sales. Audio products such as headphones, soundbars and party speakers are also set for strong growth.