Sales of electronics goods expected to increase by 20 percent during festivals

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After the survey report of Redseer and Deloitte regarding sales in the festive season, companies related to electronics industry have also predicted good sales. Buoyed by a good start with ‘Onam’ in the South Indian markets, the appliance and consumer electronics industry is expecting around 18-20 per cent growth in sales this festive season. The industry believes that organizing the ICC Men’s Cricket World Cup during the festive season will boost business. This will increase television sales. Especially the sales of big screen TVs are expected to increase. Apart from this, sales of audio products like battery-powered party speakers, soundbars, wireless headphones and ear buds will also increase. TV manufacturers including LG Electronics, Panasonic and Thomson expect the 55-inch screen size to drive sales of smart TV panels as well as traditional and smaller-sized TVs. Sales of premium products like large screen TVs, high capacity refrigerators and washing machines will increase by more than 30 percent.

Companies are offering attractive discounts and interest-free loans

To attract customers, companies are preparing to bring new offers as well as attractive discounts and interest-free finance schemes. However, there are concerns about the sale of affordable entry-level products. Kamal Nandi, business head and executive vice president, Godrej Appliances, said there will be a growth of more than 30 percent in high-priced premium products this year.

Sales may cross ~70,000 crore by Diwali, Chhath

Sales of the appliance and consumer electronics industry are expected to cross Rs 70,000 crore this year. Festive season sales start from Onam in the south and continue till Ganesh Chaturthi, Durga Puja and Diwali-Chhath. It contributes about 25-27 percent to the total sales.

There will be demand for big screen TV, party speakers and soundbar

LG India Senior Vice President Ashish Aggarwal said that the company has offered Diwali offers before the festive season to attract consumers. He expressed hope of good demand for big screen TVs, party speakers with batteries and soundbars. There are many consumers who improve their homes or shift to new homes, hence there is a demand for premium products. Among these, there will be significant growth in segments like large screen TV, large size refrigerator, washing machine, microwave oven and AC.

Huge jump expected in sales of luxury cars like Mercedes Benz, Lexus and Audi

Luxury car companies – Mercedes-Benz, Lexus and Audi are expected to continue their sales momentum in the current festive season. He says that the demand for expensive vehicles is very good during the festive season. Santosh Iyer, MD and CEO of Mercedes-Benz India, said that this year’s festive season seems to be better than last year. We are optimistic about this four-month long festive season as we have made a very positive start with ‘Onam’. Lexus India President Naveen Soni said that the luxury car market in the country is continuously growing. The industry is excited by the demand for expensive cars this year. Increasing number of travelers coupled with high net worth individuals (HNIs), young population, rising disposable income, stable economic growth are driving this growth. Audi India chief Balbir Singh Dhillon said that the company has sold 3,474 vehicles in the first half of 2023, which is a 97 percent increase on an annual basis.

Indian consumers are ready to spend more, Deloitte said in its survey

A survey report by Deloitte has said that the expenditure of Indian consumers is expected to increase in this festive season. The report also said that overall consumer spending will increase due to increased spending on purchase of luxury products and festive season items. Deloitte’s ‘Consumer Signals’ research states that almost half of the participants feel that they can easily handle unexpected expenses in the near future. 56 percent of the people surveyed have indicated their readiness to buy festive items. The research said that during the festive season, consumer spending is likely to increase mainly on clothing, personal care products, entertainment etc. Rajiv Singh, partner and consumer industry leader, Deloitte Asia-Pacific, said good growth in the Indian economy motivates consumers to spend on ‘premium’ and ‘luxury’ goods.

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