Top television brands have cut their TV prices by up to 30% this festive season in order to revive consumer demand amid a broader boost to consumer sentiment on the back of multiple measures by the government to revive growth.
India’s top three TV brands — Samsung, LG and Sony — have dropped prices by as much as Rs 40,000 with large screen and premium model TVs witnessing the maximum drop. In 32 and 43-inch sets, online-focussed brands such as Xiaomi, TCL, iFFalcon, Vu, Kodak and Thomson have dropped prices to their lowest ever.
After this price cut, a 32-inch model costs as little as Rs 7,000 while a 43-inch smart 4K model is selling at Rs 21,000. In the premium segment, a 55-inch smart 4K ultra HD from Sony, which was selling for Rs 1.3 lakh in August, has seen two price cuts this month and is down to Rs 1.10 lakh. LG has dropped the price of its 65-inch ultra HD model to Rs 1,20,990 from Rs 1,34,990, a leading business daily said in a report.
“This festive season, TV makers have undertaken the biggest price drop ever,” the publication quoted Pulkit Baid, director of leading electronics retail chain Great Eastern as saying. “Pricing in 32 and 43-inch segments has cracked up. TV sales have been stagnant since last year Diwali and this is like the final chance to revive demand.”
Companies have been able to pass on the recent 20-25% drop in panel prices to consumers, the daily quoted Avneet Singh Marwah, CEO of TV maker Super Plastronics as saying. Super Plastronics sells Kodak and Thomson televisions.
“We are also selling at low margin to boost sales,” he said. “We have already grown sales by over 100%.” Xiaomi, which already prices its sets low, has further dropped rates this year by offering an additional discount of Rs. 2,000-3,000. The year has seen two new entrants in the premium TV segment — OnePlus and Lenovo-owned Motorola.
Industry experts have attributed poor TV sales this year to weak consumer sentiment and people watching streaming content on smartphones and laptops aided by cheaper broadband prices. Apparel and FMCG sales too have been impacted this year, though the former picked up during Navratri.―Times Now