Haier

Price hikes in home appliances likely to slow down sales in Q4

Prices of home appliances are set to go up by anywhere between 8-14%. This may slow down sales growth in Q4 of FY21 to single digits from the 15% (YoY) growth witnessed in Q3.

In the last two quarters, sales of home appliances witnessed a golden run led by need-based buying by customers making fresh purchases or upgrading their appliances to make the stay at home comfortable. But, input cost pressures are now going to lead to an increase in prices of home appliances by anywhere between eight to 14 per cent in the month of January.

Increased costs of raw materials such as steel, aluminium, copper as well as plastic have forced manufacturers to up prices. Air and ocean freight costs too have rallied upwards, Prices of air conditioners, refrigerators, washing machines, deep freezers are all set to rise as input cost pressures have increased by 20-22 per cent since the previous quarter. –Timesnownews

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