Appliances, consumer electronics sales expected to grow by 20%
Festive season which is coinciding with the ICC Men’s Cricket World Cup going to drive the growth
Buoyed by a good start with Onam in the southern markets, the appliances and consumer electronics industry expects around 18-20 per cent value-driven growth this festive season which is coinciding with the ICC Men’s Cricket World Cup.
The cricket World Cup tournament is coinciding with the festival season in India for the first time after 1987, and the industry expects the country’s most popular sport to act as a catalyst, leading to growth in sales of TV, especially with bigger screen sizes as well as audio products such as battery-powered party speakers, soundbars, wireless headphones and ear buds. TV makers, including LG Electronic, Panasonic and Thomson, expect increased number of replacements of conventional and small-size TV screens with large-size smart TV panels above 55 inch screen size.
Premium and ultra-premium ranges of QLED and OLED TVs are also expected to be in much demand during the World Cup from October 5 to November 19. The industry expects overall sales growth of 18 to 20 per cent, and in continuation of the previous year a higher growth of over 30 per cent from premium products such as large screen TVs, higher capacity refrigerators and washing machines.
Like in earlier season, the industry is gearing up with offers and interest-free finance schemes to woo customers with new launches along with high-decibel 360 degree campaigns. However, there are also concerns about sales of value-based opening price point (OPP) mass segment products.
