Suspense Crime Sach Ka Dam
The appliances and consumer electronics industry expects festive sales to grow by around 30 percent this year. Festive sales by leading online retail platforms Flipkart and Amazon have led to double-digit growth. Last-minute pick-up from offline channels is also expected during the Dhanteras week. Industry insiders said premiumization is the trend this festive season, where consumers are willing to pay extra for features like energy efficiency, higher capacity, and larger size.
There is a good demand for AI products.
Even consumers are showing interest in high-end artificial intelligence (AI) and IoT technology-driven products. Companies such as LG Electronics, Panasonic, Sony, Godrej Appliances, and Haier have kicked off their festive sales well ahead of the Onam festival and expect the momentum to continue for the remaining weeks of the nearly 45-day festive period, which ends after Diwali. “There has been good growth across all categories, especially in premium products such as large-capacity washing machines and refrigerators. We are seeing good demand for products with AI and IoT technology,” said Sanjay Chitkara, senior vice president (home appliances), LG Electronics India.
Increasing demand for premium products
He said that this festive season, demand for premium products has also increased from the smaller second and third-tier markets, which is encouraging. Kamal Nandi, business head, of Godrej Appliances, said that the market has boomed this festive season due to good monsoon. Premium i.e. expensive products have been at the forefront this season. However, the mass product segment also saw significant growth. He said, “At Godrej Appliances, we have seen a growth of about 40 percent since the beginning of Onam in September compared to last year. The combination of Durga Puja/Navratri in October and the upcoming Diwali festival has led to a growth of about 45 percent so far.”
70% more growth than last year
Nandi said that during the festive season sales on e-commerce platforms like Amazon and Flipkart, Godrej Appliances overall has achieved an “impressive growth of over 70 percent compared to last year.” Panasonic India’s sales growth through e-commerce is in double digits and it saw a growth of over 20 per cent during Navratri and this momentum is expected to continue till Diwali. Fumiyasu Fujimori, Managing Director, of Panasonic Marketing India, said, “Consumption of premium appliances remains strong. Whether offline or online, consumers are opting for products with higher average selling price.”
Demand for big-screen TVs
Sony India Managing Director Sunil Nayyar said the company is also witnessing a surge in demand for large-screen televisions, especially those with 55 inches and above. TVs with 75-inch and 85-inch screen sizes are also seeing strong demand. Industry body Siema (Consumer Electronics and Appliances Manufacturers Association) has estimated a growth of around 20 percent this festive season.
