Last year too there was a similar price increase for white goods.
Due to heavy rainfall in May, household goods market suffered due to weak sales.
If you’ve been optimistic about the recent decline in inflation, hold on. White goods manufacturers have been continuously increasing their prices for the past few years and this trend is expected to continue this year as well. Prices of consumer goods such as air conditioners, refrigerators, smart TVs and washing machines are expected to increase. Moreover, further price hikes are predicted in the latter half of FY24 due to uncertainty surrounding a normal monsoon.
According to Kamal Nandy, Business Head and Executive Vice President, Godrej Appliances, prices of major consumer appliances such as air conditioners have increased by more than 30% since the end of 2020 when the inflationary cycle began. Nandi noted that costs reached their peak in mid-2022, but since then there has been a slight decline in material prices. However, it is challenging to make predictions over the next three months due to ongoing uncertainty.
Avneet Singh Marwah, CEO of Super Plastronics, which makes and sells smart TVs under the Thomson and Kodak brands, warned of an impending wave of price hikes. Marwah highlighted that there has been a significant increase of 30-35% in the price of LED panels in the last four months. As a result, they are considering increasing TV prices by 7-10% starting from June.
In contrast, Blue Star, an air-conditioning company, is not inclined to raise prices. The company is anticipating a challenging summer season this year, as indicated by the IMD (India Meteorological Department) forecast, which is expected to drive higher sales. This holds significance as home appliance firms, including AC manufacturers, have faced significant setbacks over the past three summers due to the impact of Covid-19. In 2021, AC sales are expected to decline by 10-12%. Although the market is projected to grow to 9 million units per year in 2022, up from 8 million in 2019, companies are cautious because high prices could discourage potential buyers.
Where we collect the information from Source link
Disclaimer:- We include in each post a link to where each content on our website is collected from.If there is a complaint against any post please contact us directly.
Email: post-support.dailyfastnews24.com
You can also write on the popular online news portal dailyfastnews24.com. Writing topics feature, travel, lifestyle, career, IT, agriculture and nature. Send your entry today to [email protected]
advertisement:-If you would like to advertise on our website please contact us here.Our Ads team will contact you very soon.
Email: [email protected]
The cost of advertising:- 1 Post 100 USD Lifetime.
Thank you very much for visiting our website. Have a good day.