Festive season is at its peak with offers, discounts and schemes at play and the consumers are making the most of it, especially while shopping online. According to a report, appliance industry forecasts g
The appliance and consumer electronics industry expects this30% growth in the festive season sales after a double-digit booster from online sale events of leading etailers Flipkart and Amazon and an effective push from offline channels during Dhanteras week.
Ravi Agarwal, Founder and CEO, Cellecor electronics adds, “Post covid, the growth is driven by accelerated digital transformation, increased demand for remote work and learning tools, and a focus on health and wellness. Additionally, the rise in home entertainment needs and adaptations in supply chains have fuelled this upward trend.”
The report said, this festive season, premiumisation is the flavour, where consumers are willing to pay extra for features such as energy efficiency, higher capacity and larger size and even showing interest in the high-end AI & IOT Technology-driven products, industry leaders said. India’s premium consumer electronics market is experiencing rapid growth, fuelled by the growing middle class and their increasing disposabl
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. Report quoted him as, “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.”
With more than 5,000 new launches across categories such smartphones, laptops, TVs, fashion and beauty, home décor, appliances, furniture and groceries among others, customers have access to the wide selection from top brands.
As per a report shared by Amazon India from their recent shopping festival, shopping for premium gadgets saw a spike in demand and customers shopped for 35% more premium smartwatch in the first 48 hours of the sale as compared to last year.
Ten premium active noise cancelling headphones were bought by customers every minute and demand for tablets almost doubled with laptops seeing more than 40% increase as compared to last year, says the report. It further added, “The most loved appliances were side-by-side refrigerators with 4x more sales and front load washing machines with 2x more demand as compared to last year.
“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.
The Amazon report further said, “Customers shopped for one TV per second with 80% of all coming from tier 2 and 3 cities/towns; 4K TVs were the most preferred.”
Ravi Agarwal, founder and CEO, Cellecor Electronics said, “The growth in Tier-II and Tier-III markets is driven by increasing smartphone penetration, improving internet connectivity, and a rising middle class with a growing appetite for consumer electronics. These markets are becoming more accessible, with consumers seeking innovative and affordable products that enhance their daily lives.”
A noteworthy point highlighted in the Amazon report is the fact that more than one appliance was bought by customers every second, with almost half buying a premium appliance.
Industry body CEAMA (Consumer Electronics and Appliances Manufacturers Association) recognizes this upward trend and says 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. Its president Sunil Vachaniconcludes, “
It is safe to say that this festive season, India is looking forward to celebrations replete with premium technology. As the festival of lights sets in, the Indian consumer is combiningit with luxury, performance and
