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Home / News / Business News / TV, consumer appliance prices to increase by 7% next month
Business

TV, consumer appliance prices to increase by 7% next month

TV, consumer appliance prices to increase by 7% next month
Written by Shiladitya Ray
Nov 26, 2018, 01:22 pm 2 min read
TV, consumer appliance prices to increase by 7% next month

TV and consumer appliance prices are set to increase next month as most consumer appliance manufacturers are reviewing prices in the aftermath of the festive season. The price review comes amid tight margins resultant of an increase input costs owing to the depreciation of the Indian rupee. Depending on the manufacturer, prices might increase by as much as 7%. Here's more.

Do you know?
Things have not gone well for the consumer appliances sector

This year, the consumer electronics and appliances sector in India saw almost flat growth owing to rising input costs. Barring washing machines, most appliance sales were flat while AC and TV sales saw a reduction in sales volume.

Details
Price hikes were halted in light of the festive season

Although input prices had gone up owing to the Indian rupee's depreciation and increases in customs duty, manufacturers had not increased prices to ensure smooth sales during the festive season, which accounts for one-third of consumer appliance sales in India. However, with the festive season having passed, many manufacturers are set to revise their prices to reflect the increases in input costs.

Price hike
A price hike had been approved in September

In fact, the Consumer Electronics and Appliances Manufacturers Association (CEAMA) had approved a 3%-4% hike in prices of appliances in September, but that did not get reflected. With most brands vying for dominance in the market through aggressive pricing ahead of the Indian festive season, the price hike was not effected despite increasing input costs. Brands largely absorbed the impacts of rising input costs.

Brands
Panasonic, Haier, and Godrej have confirmed price revision plans

Speaking to TOI, top executives of Panasonic India and Haier India said that they were looking to increase appliance prices by 5%-7% in light of increasing input costs and tight margins. Godrej Appliances too is planning a price hike. The only exception, as reported, is Sony India, which said that it has no plans to revise prices any time soon.

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Shiladitya Ray
Shiladitya Ray
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Budding social scientist with a keen interest in social studies of science and the sociology of knowledge. Cinephile. Liverpudlian. Metalhead.
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