Haier, LG, Sony Eye Double-Digit Sales Growth Amid Price Hikes

As the holiday season approaches, the outlook for consumer durable sales is looking increasingly positive, with industry insiders predicting double-digit growth. However, the surge in prices for air-conditioners and other appliances - a 5-8% increase - is a notable exception.

The latest price hike, the third revision this year, is attributed to a combination of factors. This includes rising costs for key materials such as copper, aluminium, and steel, as well as higher freight expenses and currency fluctuations.

Haier Appliances India CEO N S Satish expressed confidence in strong festive demand despite the price increases. The company expects a 30-35% growth in festive sales, with unit sales likely to increase around 20%. Satish attributed the expected growth to premiumisation and easy availability of consumer finance.

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LG Electronics India Co-Chief Sales &amp. Marketing Officer Sanjay Chitkara expressed optimism about the upcoming festive season, which begins with Navratri in the second weekend of October. Sony India Managing Director Sunil Nayyar expects a 15-20% value growth during the festive season.

The Indian consumer durables market is expected to grow at an annual rate of 8-10% to reach Rs 3-3.25 lakh crore by 2030. According to a joint report by Boston Consulting Group and Confederation of Indian Industry.

The market is expected to benefit from the growing demand for premium products. As well as the increasing availability of consumer finance options. The report highlights the importance of premiumisation in driving growth in the industry.

Industry experts are also expecting a significant impact from the growing trend of EMI financing. This is expected to drive sales and revenue growth for manufacturers.

Overall, the festive season is expected to be a key driver of growth for the consumer durable industry, with manufacturers anticipating double-digit sales growth despite the price increases.

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The market is also expected to be influenced by the growing trend of online shopping. With more consumers turning to e-commerce platforms to purchase products during the festive season.

As the festive season approaches, manufacturers are gearing up for a busy period, with many expecting to see significant growth in sales and revenue.

The Indian consumer durables market is expected to continue its growth trajectory. Driven by a combination of factors including premiumisation, EMI financing, and online shopping.