Consumer durables and electronics companies said they witnessed strong momentum in terms of demand trends during the Navratri-Dussehra period with high uptick in secondary sales.

Industry players said premium products and attractive consumer financing schemes is fuelling this growth momentum. Leading brands said they recorded double-digit value growth. With festival bonuses for government and private employees getting rolled out, white goods makers expect the demand traction to become stronger in the second half of October.

Kamal Nandi, Business Head & Executive Vice-President, Godrej Appliances said, “Secondary sales are very good across categories of washing machines, refrigerators and air-conditioners. The industry is expected to garner 20 per cent value growth during the Navratri-Dussehra period over last year. Premium products are witnessing much higher growth. While there is higher momentum for sales in urban regions and large format stores, we are also seeing traction in upcountry markets. We expect this momentum to only get stronger as we move towards Diwali week with government and private employees getting their bonuses.”

Nandi said that Godrej Appliances witnessed 60 per cent value growth and about 40 per cent volume growth during Navratri-Dussehra period on the back of new launches across categories, consumer financing offers and attractive warranty schemes. 

Industry players pointed out that last year, during Onam, the industry had seen a degrowth and the overall festival season garnered lower than expected growth rates. However, this year during Onam the industry witnessed strong growth and the postive consumer demand momentum is continuing during the Navratri-Dussehra period.

Strong momentum to continue

Sanjay Chitkara, Senior Vice-President-Home Appliances & AC, LG Electronics India said, “We had a great Onam sales this year and now we have been observing “unprecedented growth” during Navratri across India. Due to extreme summer, this year there was very high growth in AC sales and post summer there is a pent up demand for all other consumer durable products like washing machines, refrigerators and televisions. Our current growth is a reflection of market demand and our festival preparation and promotions. There is also a strong wedding season post Diwali which will further boost this surge of demand.”

“Clearly, the premiumisation trend remains robust across categories. The sellout growth for us has been over 35 per cent during these early days of October. The consumer financing and buy-now-pay —later schemes are encouraging consumers to upgrade their appliances. We are investing heavily on marketing and financing schemes. We expect the mass segment to witness stronger uptick as we move towards the second half of the month especially in the Hindi heartland regions. Disbursements of bonuses will also further boost demand for appliances,” noted NS Satish, President, Haier Appliances India

Fumiyasu Fujimori, MD, Panasonic Marketing India, PLSIND said, that the company has witnessed over 20 per cent growth during the Navratri period. “We are hoping for an increased momentum closer to Diwali. Consumption remains bullish for premium appliances. Whether it is offline or online, consumers are opting for products with higher average selling price,” he added.

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