Major domestic appliances and consumer electronics segments witnessed diverse sales trends this year. Washing machines, refrigerators, and microwave ovens witnessed a decline in volume in the January-October period over the same period last year. Meanwhile, air-conditioners, panel TVs, and dishwashers witnessed an increase in volumes.
As per the latest estimates released by GfK Market Intelligence, POS Offline Retail Tracking, the washing machines segment witnessed a 2 per cent decline in volume accompanied by a marginal 0.5 per cent decrease in value during January-October this year compared to the same period last year. The cooling products (refrigerators) segment experienced a shift with a 6 per cent reduction in volume and a 4 per cent decrease in value. Microwave ovens faced headwinds, experiencing a 7 per cent dip in volume as well as value.
- Also read: Air-conditioner segment clocks 7% volume growth in first half, flat TVs up 13 per cent: GfK
“At the same time, the air conditioner category proved to be a beacon of positivity, showcasing a robust 10 per cent growth in volume a commendable 12 per cent rise in value from January to October 2023 compared to the same period in 2022,” GfK noted in a statement. Meanwhile, dishwashers exhibited growth in both volume (3 per cent) and value (9 per cent).
In the consumer electronics segment, the panel television category experienced a 2 per cent growth in volume, but this positive trajectory was counterbalanced by a substantial 7 per cent contraction in value due to an increased mix of smaller size PTV sale as compared to the previous period, the research and insights firm added. Audio home systems saw a 3 per cent increase in volume juxtaposed with a corresponding 3 per cent decrease in value.
Meanwhile, there was a 9 per cent surge in value for smartphones but also a marginal 2 per cent decline in volume.
Anant Jain - Head of Customer Success Management, India GfK - an NIQ Company, stated, “The industry’s expansion can be credited to a noticeable consumer inclination toward premium products spanning diverse categories. Lower-town segments are significantly shaping this trend by seeking convenient tech and durable products to enhance their overall lifestyle comfort. The decrease in Average Selling Prices (ASPs) during the festive season has resulted in a comprehensive upswing in sales this year, underscoring the dynamic evolution of consumer preferences.”