With the festival season kicking off with Navratri and Dasara, consumer durables companies said they saw better-than-expected demand trends supported by positive customer sentiment and added that they expected this to happen. may this momentum continue over the next two weeks, until Diwali.
Kamal Nandi, Commercial Director and Executive Vice President of Godrej Appliances, said: “There has been an increase in sales since day one of Navratri and it is better than the demand trends seen last year. On average, in the first 15 days of the month, the industry grew 12-15% from last year. This industry growth will be over 15%, if we only consider the last 10-11 days with the start of Navratri. “
The companies said footfall has seen a resurgence in stores and higher-end product categories have seen higher demand in line with post-pandemic trends. “The sale has been quite good during this period. Rural demand has also picked up in recent days. Mid-range and high-end products are experiencing increased demand. We expect this sales momentum to continue through Diwali, ”said Eric Braganza, president of the Consumer Electronics and Appliances Manufacturers Association.
Big brands such as LG and Panasonic said they saw double-digit growth during the period. Deepak Bansal, vice president of corporate planning, LG India, said the company has seen near double-digit growth.
Manish Sharma, Chairman and CEO of Panasonic India & SA, added that the company has seen 20% growth during the holiday season and is hoping for increased momentum near Diwali.
The festival season has unfolded amid global challenges, including semiconductor shortages, rising transportation costs, longer lead times for procurement, and the power crisis in China having an impact on the production of components.
Nilesh Gupta, Director of Sales for Vijay, said: “So far, product shortages have not been a big concern as retailers have been stocking up for the last one and a half months before October. In terms of value, we saw 25-30% growth during Navratri which was better than expected. In the coming days, there could be shortages of certain products or models, depending on the brand, if these problems persist. “