equipment And the consumer electronics industry expects about 30 percent growth in holiday season sales this year. Festive sales events by leading online retail platforms Flipkart and Amazon have delivered double-digit growth. It is also expected to gain momentum at the last moment through offline means during the Dhanteras week. Industry insiders said premiumization is the trend this festive season, with consumers willing to pay more for energy efficiency, higher capacity and larger features.
Considerable demand for AI products
Even high-end products powered by artificial intelligence (AI) and IoT technology are showing interest. Companies like LG Electronics, Panasonic, Sony, Godrej Appliances and Haier have had a good start to their Christmas sales since the Onam festival and the momentum is expected to continue during the remaining weeks of the nearly 45-day festive period, which ends after Diwali will happen. “There has been good growth across categories, especially in 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.”
The growing demand for premium products
He said that this festive season, demand for premium products from small second- and third-tier markets has also increased, which is encouraging. Kamal Nandi, business director, Godrej Appliances, said that due to good monsoon, there has been a boom in the market this festive season. This season, premium products, that is, expensive ones, have been at the forefront. However, the mass market segment also saw significant growth. “At Godrej Appliances, we have seen a growth of around 40 per cent since the start of Onam in September 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 around 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 over 20 per cent growth during Navratri and this momentum is expected to continue till Diwali. Fumiyasu Fujimori, Managing Director, Panasonic Marketing India, said, “Consumption of premium devices remains bullish. “Whether online or offline, consumers opt for products with a higher average selling price.”
Demand for big screen television
Sony India CEO Sunil Nayyar said the company is also seeing a rise in demand for large-screen TVs, especially 55 inches and above. Considerable demand is also being seen for 75- and 85-inch screen televisions. Industry body SIEMA (Home Appliance and Consumer Electronics Manufacturers Association) has estimated a growth of around 20 per cent this festive season.
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