Cricket world cup and festive season to boost sales of consumer durables in India
Experts predict 30-40% surge in sales of TVs, refrigerators, washing machines, and smartphones
Cricket is treated like God in India, and there is a festive and world cup happening simultaneously. This is the first time that in India there's such a big event happening near the festive season where the industry thinks that the viewership can be at the highest ever. So, demand for screens, especially smart TVs, will be really high, says expert
Excitement is brewing in India as the cricket world cup and the festive season come together, creating a unique opportunity for consumers. Experts predict an incredible 30-40 per cent surge in the sales of everyday items like TVs, fridges, washing machines, and smartphones. This incredible blend of cricket fever and traditional celebrations is something to behold in a country where cricket is nothing less than a religion.
The festive season is significant for the majority of consumer durables companies, Ganeshotsav in Maharashtra, Navratri in Gujarat, Durga Puja in the east, and Dussehra and Diwali across the nation follow the start of the festival season. This year's holiday season may also see a resurgence of the rural markets, which have lagged due to inflationary pressures.
To put things in perspective, the summer months account for roughly 50-60 per cent of annual sales for products like air conditioners, coolers, fans, and refrigerators. Another 40-50 per cent of these categories' revenues come from the holiday season. While the holiday season contributes about 50-60 per cent of sales for producers of gadgets like TV, audio, and mobile phones as well as kitchen appliances, the remaining percentage is spread out throughout the year.
Industry leaders are busy crafting marketing strategies that blend the thrill of cricket with the joy of festivities. Special products, limited-time deals, and attractive offers are being designed to catch the eye of consumers who want to make their homes cosier and more technologically advanced. Retailers are also preparing for the expected increase in shoppers. They are stocking up on inventory and ensuring that the shopping experience, both in physical stores and online, is seamless.
Talking to Bizz Buzz, CEO of Super Plastronics, Avneet Singh Marwah said, “Cricket is treated like God in India, and there is a festive and world cup happening simultaneously. This is the first time that in India there's such a big event happening near the festive season where the industry thinks that the viewership can be at the highest ever. So, demand for screens, especially smart TVs, will be really high.”
I think this festive season there can be a growth of more than 30 per cent. Having said that, there have been a lot of challenges which we have faced in H1, mainly due to the economy and the demand trends, but we think that all this can really change during the festive period. And as and when India progresses in the event, I think we will see more and more demand increases. So, the festive season looks really promising, he said.
According to Marwah, “Apart from that, we are seeing a lot of trends of OTT, and a lot of content has been produced recently. Therefore, the buying trend for smart TVs are rising in tier one and tier two cities, especially in bigger sizes. And one of the highest growth rates that we have seen is in QLED. We still feel that QLED, again, will be one of the top in terms of growth.”
In the midst of this convergence of sports and festivities, the pulse of India is quickening. For businesses, this is a once-in-a-lifetime opportunity. The passion for cricket is unrivalled, and businesses are capitalizing on this enthusiasm in creative ways. From cricket-themed advertising campaigns to special edition products, they are pulling out all the stops to connect with consumers on a deeper level. This brings us to one of the standout trends of this season: the rise of QLED technology. TVs equipped with QLED displays are all the rage. The reason is simple - they offer a visual experience that's a cut above the rest. With stunning visuals and vibrant colors, they create a cinematic experience in the comfort of your own home.
Another factor contributing to the surge in sales is the proliferation of content streaming platforms. With a plethora of content available at our fingertips, people are investing in larger screens for a more immersive viewing experience. It's not just about watching a show; it's about being part of the action. To make the most of this unprecedented opportunity, industry leaders are crafting marketing strategies that seamlessly blend cricket fervour with the festive cheer. Limited-time offers, attractive deals, and special promotions are being designed to capture the imagination of consumers eager to make their homes more comfortable and technologically advanced.
Retailers, too, are getting into the groove. They're gearing up to accommodate the expected influx of shoppers, both in brick-and-mortar stores and online marketplaces. The aim is to ensure that customers can easily find what they're looking for and have a hassle-free shopping experience. As we look ahead, the outcome remains uncertain, but the anticipation is electric. If the projected 40 per cent surge in sales materialises, it could mark a significant milestone in the world of business.