Companies such as LG Electronics, Panasonic, Sony, Godrej Appliances and Haier started festive sales with a good kick start from the Onam festival and expect to continue the momentum till the remaining week of the nearly 45-day festive period, which concludes after Diwali.
To make the premium range as large screen TV panels above 51′ screen size, higher load capacity washing machines and French door refrigerators (with two side-by-side doors), the manufacturers are incentivising with attractive financing schemes, investing in branding and promotion on digital and traditional mediums.
“There is good growth across all categories, especially in premium products like large-capacity washing machines and refrigerators. We are witnessing good demand for products featuring AI & IOT technology,” said LG Electronics India, Senior VP-Home Appliances Sanjay Chitkara.
He added that this festive season, demand for premium products has also increased even from the smaller tier II & III markets, which is encouraging.
“Upcoming week is significant for festive sales as generally during Dhanteras there will be a high sell-out across India,” said Chitkara. Moreover, this year’s festive season sale also coincides with a strong wedding season this winter. “There were not many wedding dates in summer this year therefore wedding purchases are complimenting festival sellout,” he said.
Godrej Appliances Business Head and EVP Kamal Nandi said helped by a good monsoon markets have picked up this festive season. The premium leading the charge this season, though mass product segments also have shown significant growth.
“At Godrej Appliances, we have seen a growth of close to 40 per cent since the start of Onam in September compared to last year. October, driven by a combination of Durga Puja /Navratri and the upcoming Diwali celebrations has delivered close to 45 per cent surge so far,” he said.
Over the festive season sales on e-commerce platforms such as Amazon and Flipkart, Nandi said Godrej Appliances has overall “achieved an impressive 70 per cent-plus growth compared to last year”.
Panasonic India’s e-commerce continued to grow in double digits and during Navratri, it witnessed over 20 per cent growth and hopes to continue momentum till Diwali.
“Consumption remains bullish for premium appliances. Whether it is offline or, online consumers are opting for higher ASP (Average Selling Price) products” said Panasonic Marketing India Managing Director Fumiyasu Fujimori.
Sony India is also witnessing a surge in demand for large screen televisions especially 55′ and above, with 75′ and 85′ screen sizes gaining significant traction, said its Managing Director Sunil Nayyar.
“We are offering lucrative bank offers and easy finance schemes to make the purchase easier for our customers both in the offline and online space,” he said.
Industry body CEAMA (Consumer Electronics and Appliances Manufacturers Association) projects around 20 growth this festive season.
Both e-commerce platforms and brick-and-mortar stores are witnessing this positive trend, underscoring the significance of the consumer electronics segment during the festive season, said its President Sunil Vachani.
“During this festive season, both online and offline sales have seen a remarkable boost, where we have witnessed online marketplaces alone achieving high sales figures within a week-a 26% rise from 2023,” he said.
There has been a particularly strong demand for LED TVs, air conditioners, large refrigerators, microwaves, and washing machines, driven by the launch of new models and attractive offers, Vachani added.
Haier India President Satish NS said its premium products are doing “extremely well” led by LED panels above 51-inch screen size and high-load washing machines.
“People are willing to pay for premiumisation through the consumer financing schemes, which is a good sign for the industry. My expectation is that we should be doing about a minimum of 30-35 per cent growth in terms of value growth,” he said.
Avneet Singh Marwah, CEO of Noida-based Super Plastronics Pvt Ltd (SPPL), a TV and appliance manufacturing company having licenses of several global brands including Thomson, Kodak, Blaupunkt, White-Westinghouse – said consumers are now shifting towards bigger screens.
“This year the festive sales have been good, especially in the larger segment and we saw a 15 per cent growth in comparison to the last festive season. The segment which has really grown for us is 43-inch and 55-inch, there’s been a triple-digit growth in 65-inch and 75-inch since last year,” he said.
BSH Home Appliances MD & CEO Saif Khan said with increased interest in home upgrades and real estate, demand for premium and luxury appliances-particularly front-loading washing machines, dishwashers, and built-in cooking ranges from Bosch and Siemens-continues to grow.
“In the pre-festive period leading up to Dussehra, BSH experienced a remarkable 40 per cent growth in eCommerce sales, primarily fueled by an increased demand for higher-capacity appliances,” he said.
