equipment And the consumer electronics industry expects about 30 percent growth in festive season sales this year. The festive sale events of major online retail platforms Flipkart and Amazon have led to double digit growth. It is also expected to gain momentum at the last moment through offline mediums during the week of Dhanteras. Industry insiders said premiumisation is the trend this festive season, with consumers willing to pay extra for features like energy efficiency, higher capacity and larger sizes.
Considerable demand for AI products
Even high-end artificial intelligence (AI) and IoT technology driven products are showing interest. Companies like LG Electronics, Panasonic, Sony, Godrej Appliances and Haier had made a strong start to their festive sales right from the Onam festival and the momentum is expected to continue for the remaining weeks of the nearly 45-day festive period, which ends after Diwali. Will happen. “There has been good growth across all categories, especially premium products like large capacity washing machines and refrigerators,” said Sanjay Chitkara, senior vice president (home appliances), LG Electronics India. “We are seeing good demand for products with AI and IoT technology.”
Increasing demand for premium products
He said that in this festive season the demand for premium products has also increased from small second and third tier markets, which is encouraging. Kamal Nandi, business head, Godrej Appliances, said that due to good monsoon, there has been a boom in the market this festive season. This season, premium i.e. expensive products have been at the forefront. However, the mass product segment also saw significant growth. “At Godrej Appliances, we have seen around 40 per cent growth since the start of Onam in September as compared to last year,” he said. “The combination of Durga Puja/Navratri in October and the upcoming Diwali festival has led to an increase of about 45 per cent 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 “achieved an impressive growth of over 70 per cent compared to last year.” Panasonic India’s sales growth through e-commerce is in double digits and witnessed a growth of over 20 per cent during Navratri and this momentum is expected to continue till Diwali. Fumiyasu Fujimori, Managing Director, Panasonic Marketing India, said, “Consumption of premium devices continues to be bullish. “Whether it is offline or online, consumers are opting for products with a higher average selling price.”
Demand for big screen TV
Sony India Managing Director Sunil Nayyar said that the company is also seeing a surge in demand for large screen televisions, especially 55 inches and above. Considerable demand is also being seen in 75 inch and 85 inch screen size of TV. Industry body SIEMA (Consumer Electronics and Appliances Manufacturers Association) has estimated a growth of around 20 per cent this festive season.
