New Delhi : Consumer durables makers are gearing up for a bumper festive season ahead, expecting sales to spike by up to 35 per cent on the back of good monsoon, pent up demand and the 7th pay commission payout.
Different players in the consumer durables sector such as Sony, LG, Samsung, Panasonic, Haier, BSH Household Appliances and Videocon, are estimated to have earmarked nearly Rs 500 crore to spend on marketing to push sales during the festive period.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), in 2016 the industry is pinning all its hopes on the upcoming festive season wherein, “noteworthy players” have allocated anywhere between 30 to 40 per cent of their budget on marketing.
“With an overall positive customer sentiment, consumer durables companies expect to increase their sales by almost 15 to 20 per cent,” CEAMA President Manish Sharma told PTI.
To woo the customers, the companies have lined up a host of schemes, including freebies such as music system, smartphones, tablets, strolley bags, steam iron, dry iron, sunglasses, hand blenders, extended warranty and cashback on purchase of TV, refrigerator, microwave ovens, washing machine and air conditioners. “This festive saeson, we are going to start with a very strong and positive momentum…with all the promotions, we expect at least 35 per cent growth in the panel business. Most of them would be driven by 32 inches and above,” Sony India sales head Satish Padmanabhan said. The company has already witnessed around 25 per cent growth in sales during the Onam in Souther India this month, he added.