Diwali, Cricket World Cup boost demand for consumer electronics & durables

Consumer electronics & durables firms say the sales have been brisk this festive season

SUMMARY

• Consumer electronics and durable industry has registered a bumper second half this year
• Diwali along with the ongoing Cricket World Cup have contributed to sales of consumer electronics and durables
• There was a sudden spike in the demand for large screen TVs

The consumer electronics industry, which was growing at a steady pace over the past few years, has seen brisk sales in the second half of the year thanks to Diwali and the ongoing Cricket World Cup. In India, the festive season spanning from Onam to Diwali is a prime time for purchases.

Japanese consumer durables brand Panasonic is hoping to end the festive season with double-digit growth. “Premium appliances continue to drive growth for us. For instance, in case of ACs, in the festive period there has been a volume growth of around 10% (as compared to last year). Similarly, 55 inches and above 4K LEDs have been in demand and has been on upward trajectory,” says Fumiyasu Fujimori, Managing Director, Panasonic Marketing India, Panasonic Life Solutions India Private Limited.

For Panasonic Life Solutions, festive season contributes a significant percentage of sales ranging from 15-20% to overall sales. “However, consumers today continue to buy as per their need. The company has also recalibrated strategy for India. We are now balancing our B2C and B2B businesses in-line with Panasonic global business strategy. In case of consumer appliances businesses, we are now focusing on smart, premium appliances to address the demands for present and future.”

Sony India has witnessed a positive trend in the market, especially for the television segment – 55inch plus premium TVs. “With the onset of cricket world cup, customers are gravitating towards larger screen sizes, with 75 inch and 85 inch televisions becoming increasingly popular choices. To complement these stunning visuals, our premium soundbars have also witnessed a phenomenal response, elevating the home viewing experience to rival that of a cinema,” say Sunil Nayyar, Managing Director of Sony India.

Other than international brands, even home-grown players expressed that the market sentiment continues to be upbeat this year.  Videotex, which has an inhouse TV brand Daiwa, and is a contract manufacturer for many leading brands has observed a substantial surge in the demand for smart TVs. “TV manufacturers in India have proactively increased their stock levels, reflecting the heightened consumer interest. It appears that Indian consumers now have greater affordability, leading to a preference for larger-screen TVs for an enhanced content viewing experience. Furthermore, the availability of diverse financing options has significantly bolstered consumer demand,” says Arjun Bajaj, Director, Videotex.

Even ecommerce platform Amazon stated that its month-long Great Indian Festival (GIF) 2023 has seen the best-ever shopping celebrations for its customers, sellers and brand partners across the length and breadth of the country. Manish Tiwary, Country Manager, India Consumer Business, Amazon, stated, “The Amazon Great Indian Festival 2023 has been the biggest ever in history! This festive season, 80% of our customers who shopped came from tier 2-3 cities. We also saw the highest ever Prime sign ups in a single day this season along with the highest seller participation along with 5,000 new launches from top brands.”

During the festival sale, Amazon claimed to seen all-time high sales of large-screen TVs (55 inches & above), recording over 50% higher sales than 2022. And for consumer electronics and personal computing, 3 out of 5 orders came from Tier 2 and 3 cities.

With Thanks Reference to: https://www.businesstoday.in/technology/news/story/diwali-cricket-world-cup-boost-demand-for-consumer-electronics-durables-405420-2023-11-10