Festive season discounts and freebies have seen customers flocking towards consumer durables. Industry players estimate sales to grow around 30 per cent during Diwali this year.
“This festive season has been as good as it was last year. People are not settling for big investments like homes but are certainly buying home furnishings, lifestyle products, apparel, consumer durables and the ready-to-eat food, especially dry fruits,” a spokesperson for the Future Group that runs the Big Bazaar chain of supermarkets told The Indian Express.
Last weekend witnessed minuscule sales as it was the end of the month, which is expected to reverse this weekend as salaries would have been credited. Croma, a retail chain for electronic goods and consumer durables owned by the Tata Group, also expects sentiments to be positive and “better than last year”.
Electronic goods such as plasma TVs, mobiles and cameras is expected to move well, despite the RBI’s instruction to banks to stop offering zero interest EMI schemes for the purchase of consumer goods.
Sunil Nayyar, head of sales, Sony India, said, “We have done much better than last year because of substantial promotion and product power. We expect 30-35 per cent growth, primarily in panels.”
Nayyar added that the RBI’s move has not impacted the company much with mobile, and camera segment also doing well during the season.
“During the August-November period last year, we achieved Rs 3,500 crore sales. This year it is Rs 4,500 crore,” he said.
LG India has also cashed in on the festive season with the overall sales growing 20 per cent compared to last year. “Beginning today, the next three days are very important and we are expecting 30-35 per cent growth especially in panels of 42 inches and above, front loading washing machines and convection microwave ovens,” said Sanjeev Aggarwal, sales head, LG India.
The online retail segment is also expecting brisk business during the season. Amit Aggarwal, vice-president and country manager, Amazon India, said, “In addition to a spike in consumer electronics in the last 3-4 weeks, we have seen a significant jump in watches, baby products, toys and games, especially for gifts. The home and kitchen store on Amazon.in has seen maximum traction.”