Sun Sep 15 14:56:31 UTC 2024: ## Consumer Durables Industry Sees Strong Sales Uptick During Onam Festival
**BENGALURU:** The consumer durables industry experienced a significant sales surge during the Onam festival period, driven by strong demand for washing machines, air conditioners, and LED TVs. Leading brands reported double-digit growth, particularly in the premium segment, fueling optimism for the upcoming festive season culminating in Diwali.
Industry experts predict a value growth of 15-20% this year, a significant improvement from the flat growth observed last year. Onam is considered a key indicator of consumer spending during the festive season, and the positive sales figures suggest a bullish sentiment for the months to come.
Kamal Nandi, Business Head & Executive Vice-President of Godrej Appliances, highlighted a 40% growth in washing machine and air conditioner sales during Onam. He attributed this surge to strong demand for premium products, indicating a positive outlook for the upcoming festive period. While the refrigerator segment did not experience a substantial spike, Nandi reported stable growth in the category.
NS Satish, President of Haier Appliances India, echoed the positive sentiment, reporting a 35% growth during Onam. Haier’s LED TV sales performed exceptionally well, with the washing machine segment also witnessing strong demand. He noted a positive, albeit less robust, performance in the refrigerator segment. Satish believes the strong consumer sentiment during Onam is a positive indicator for the upcoming festive season.
Market research firm GfK’s estimates, released in August, support this optimistic outlook. They reported an 18% value growth in the major domestic appliances segment during the first half of 2024. This growth is attributed to consumers’ increasing preference for appliances with advanced technology and superior functionality.
The strong sales figures and positive sentiment during Onam indicate a promising outlook for the consumer durables industry in the upcoming months. The preference for premium products with advanced features suggests a shift in consumer priorities and a strong demand for high-quality appliances.
First Piper 