Home appliance and consumer electronics makers reported a 45% increase in Dhanteras sales and expect good growth this holiday season, driven by strong demand for large-screen TVs and a high-end product line.
Although the industry faces persistent inflation coupled with a semiconductor shortage, companies like Sony, Panasonic, Samsung, LG and Godrej have seen a positive response from Dhanteras sales compared to last year.
According to the companies, consumer sentiment is at an all time high this holiday season and the e-commerce channel, which got stronger after the pandemic, is helping them boost penetration into rural and smaller markets.
The holiday season sales, from Onam in the south and Dussehra in the north and other areas, continue through Diwali. The holiday season accounts for up to 30 percent of total annual brand sales.
Sony India Managing Director Sunil Nayyar told Dhanteras that there has been a good demand for high-end large-screen TVs and that he has sold a considerably high number of soundbars from the models onwards. entry, mid to high end.
âThe market has recovered from last year and we got a very optimistic result with overall estimated value growth of 30-35% compared to Dhanteras sales last year. âThere has been a remarkable response from customers for the adoption of high-end large-screen TVs, especially 55-inch and larger, and Sony has significantly dominated this segment,â he said.
In addition, Sony sold a “considerably” large number of soundbars and headphones, much of it from online sales. Sales in the digital imaging category, which includes cameras, have been promising, he added.
âWe hope that this favorable growth momentum will be maintained throughout the holiday season with our attractive products and our promotional offers to consumers,â said Nayyar. Echoing his point of view, Panasonic India & South Asia CEO Manish Sharma said the company has witnessed a “very positive response” for Dhanteras with 24% growth over the previous year. last year.
âWe hope to end the holiday season with 50% growth,â he noted. This would be mainly powered by devices like its smart Android 4K TVs, a line of smart air conditioners (HU series), refrigerators, washing machines, microwaves and other lifestyle devices.
The Consumer Electronics and Appliances Manufacturers Association (CEAMA) industry body said the industry had seen good sales in the mid-to-high-end segments over the past two days, including Dhanteras on Tuesday.
This trend is in line with usual consumer demand for the holiday season and we are optimistic about good sales in the coming days as Diwali approaches. âThe sales numbers will increase as we enter the last leg of the holiday season, this is a normal trend during the Diwali season,â CEAMA President Eric Braganza said.
According to South Korean electronics maker Samsung, consumer sentiment is at an all time high for party shopping.
âWe saw a big uptick during the Dhanteras festival, recording over 20% growth over last year thanks to our Diwali offerings and affordability programs. âThis growth is mainly driven by high-end televisions and digital devices, as there has been an increasing demand among consumers to equip their homes with the latest technologies to create a high-quality home experience,â Samsung India Senior Vice President, Consumer Electronics Business, said Raju Pullan.
Likewise, LG has also seen an increase in sales this holiday season, especially in the premium product category.
” We have seen good steady growth this holiday season compared to last year, especially for premium products in categories such as OLED TVs, Ultra HD TVs, front load washing machines , side-by-side refrigerators, charcoal microwaves and water purifiers, ” LG India VP Business Planning said Deepak Bansal.
The company expects the momentum to continue with the upcoming wedding season, he added.
However, Godrej Appliances said it saw “healthy 45% growth” over the Dhanteras weekend, a similar comparison shows a “muted picture”.
The holiday season saw single-digit volume growth compared to last year. In comparison, value growth was higher, at 20%, due to high-end segments such as frost-free refrigerators, fully automatic washing machines and air conditioners, which saw greater growth coupled with the increases. of awards that the industry has known, “said Godrej Appliances Business Head and Executive Vice President Kamal Nandi said.
Price inflation in general has increased the overall cost of living for people.
Coupled with the economic impact of the pandemic at the household level as well as future uncertainty, the larger consumer population continues to be cautious about relatively large tickets and we will have to wait until the economy do better for a stronger purchase feeling for devices, ” he added.
The home appliance and consumer electronics industry was estimated to be worth around 76,400 crore rupees ($ 10.93 billion) before the 2019 pandemic.
(This story was not edited by Devdiscourse staff and is auto-generated from a syndicated feed.)