The consumer durable industry hopes to have a double-digit growth during the festive season sales, despite concerns of economic slowdown. TV panel manufacturers expect factors like good monsoon and recent stimulus measures by the government to have positive impact on sales. Pinning up their hopes, the makers have lined up new models and product ranges and are investing substantially on branding. Akai Consumer Durables also has launched a brand-new range of LEDs in the market to boost the festival season sale. The range include a-class-apart 55-inch bazel-less UHD smart TV, 50-inch UHD smart TV, and 49-inch FHD Led TV. The consumers who purchase Akai will also be able to avail host of exciting offers and gifts this Diwali, including Akai mobile accessories like Bluetooth speakers, Bluetooth earphones, and more.
According to the Consumer Electronics and Appliances Manufacturers Association (CEAMA), although the last three months were not very encouraging for the industry, manufacturers are bullish about the ensuing festive season sales. Consumer durable firms expect to have a double-digit growth led by factors like good monsoon and steps taken by the government such as reduction in corporate tax. The makers also expect a good turnout this season from the non-metro market led by factors as good monsoon. Categories, such as television, which occupy over 50 percent space in most durable stores, in the last one year have registered a volume growth of just 3 percent.
The festive season is expected to contribute more than 25 percent of overall advertising media spends in 2019. The spends include marketing and advertising promotions on festive offers and discounts across television, print, outdoor, radio, and digital-media platforms. To maximize impact in sales brands including AKAI are also actively looking to re-invent the way they enter into the market and are tying up with new-age digital go-to-market channels to reach retailers and consumers faster to get quick feedback on products, schemes, and promotions. Every festive season brings with it an opportunity for the retail entity to gain consumers and profits. This year, the scene is no different. This is the prime time when retailers can sell at the optimum level and make up for the rest of the year.
Consumer durables segment expects to clock up to 40-percent sales growth this festive season by offering freebies and discounts to woo consumers. CEAMA said most of the factors point to favorable sales in the festive season. Furthermore, rise in income levels, growing consumer aspirations, and easy availability of credit have triggered strong growth in the sales of high-value consumer durables, such as panel TVs, split air-conditioners, frost-free refrigerators, and fully automatic washing machines in recent years. Of the innumerable options available for financing, interest-free schemes are the most popular. Financing schemes enable customers, especially those with lower income levels, to use future income streams to buy consumer products upfront and pay in instalments over a period. Consumer durables finance schemes are generally available at the dealer location or the showroom. The beneficiaries are not just customers, but lenders, manufacturers, and retailers too.
Anurag Sharma, Director AKAI said, “The festive season is that period of the year where the excitement is multi-folds among brands and consumers alike. It’s a season which sees maximum sales for brands across the consumer durable category. At AKAI, we are bringing in state-of-the-art range of QLED and FHD TVs in various sizes, and consumers will also be getting attractive gifts and freebies adding to the smiles and happiness of the festive season. We are excited for this festive season and are certain that the upsurge will be substantial not only for AKAI but also for the overall industry.”