2 weeks Ago
The appliance and consumer electronics industry is optimistic about achieving around 30% growth in sales during this festive season, bolstered by strong online sales events from major e-tailers like Flipkart and Amazon, as well as anticipated boosts from offline sales during the Dhanteras week. This year, the trend is leaning towards premium products, with consumers showing a willingness to invest in features such as energy efficiency, larger sizes, and advanced AI and IoT technology. Industry leaders have noted a significant interest in high-end products, reflecting a shift in consumer preferences.
Major companies like LG Electronics, Panasonic, Sony, Godrej Appliances, and Haier kicked off their festive sales early, starting with the Onam festival, and they expect to maintain this momentum throughout the nearly 45-day festive period leading up to Diwali. To promote premium offerings such as large-screen TVs over 51 inches, high-capacity washing machines, and French door refrigerators, manufacturers are providing attractive financing options and investing in branding and promotions across both digital and traditional channels. Sanjay Chitkara, Senior VP of Home Appliances at LG Electronics India, remarked on the overall growth across all product categories, particularly in premium segments.
He noted that even smaller tier II and III markets are showing strong demand for these high-end items. Chitkara emphasized that the upcoming Dhanteras week is crucial for sales, typically resulting in a significant sell-out across the country. Additionally, this festive season aligns with a robust wedding season in winter.
Due to fewer wedding dates in the summer, purchases related to weddings are complementing festival sales, further driving demand. Kamal Nandi, Business Head and EVP at Godrej Appliances, reported a remarkable 40% growth since Onam compared to last year, with October’s combined celebrations of Durga Puja, Navratri, and Diwali contributing to a surge of nearly 45% so far. He also noted that Godrej Appliances has achieved over 70% growth in online sales via platforms like Amazon and Flipkart compared to the previous year.
Panasonic India continues to see double-digit growth in e-commerce, with over 20% growth during Navratri, and expects to sustain this trend until Diwali. Fumiyasu Fujimori, Managing Director of Panasonic Marketing India, highlighted that consumers are increasingly opting for higher Average Selling Price (ASP) products. Sony India is also experiencing heightened demand for large-screen televisions, particularly those 55 inches and larger.
Managing Director Sunil Nayyar stated that the company is offering attractive bank deals and financing options to facilitate purchases across both online and offline channels. The Consumer Electronics and Appliances Manufacturers Association (CEAMA) forecasts a 20% growth this festive season, noting that both e-commerce platforms and physical stores are witnessing positive sales trends. CEAMA President Sunil Vachani pointed out that online marketplaces have recorded a remarkable 26% rise in sales figures compared to 2023, with notable demand for LED TVs, air conditioners, large refrigerators, microwaves, and washing machines.
Haier India President Satish NS mentioned that premium products, particularly LED panels above 51 inches and high-capacity washing machines, are performing exceptionally well. He expressed optimism for achieving at least 30-35% growth in value this season. Avneet Singh Marwah, CEO of Super Plastronics Pvt Ltd, reported a 15% growth compared to the last festive season, particularly in the larger TV segment.
Notably, there has been triple-digit growth in 65-inch and 75-inch TVs since last year. BSH Home Appliances MD & CEO Saif Khan highlighted a growing interest in home upgrades, particularly in luxury appliances such as front-loading washing machines, dishwashers, and built-in cooking ranges from Bosch and Siemens. BSH experienced a significant 40% growth in e-commerce sales during the pre-festive period leading up to Dussehra, driven by heightened demand for larger appliances.
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