Demand for smartphones, televisions, and other electronics items up by 15%
The festival season is always a boom time for consumer goods in India. Though the pandemic proved to be a dampener, the demand for consumer goods has surged this season.
• The demand for refrigerators, smartphones, and apparel has been at its most robust since the COVID-19 pandemic outset. • The demand is expected to soar further, with Deepavali approaching soon. • However, an inconsistent supply situation has pulled back the growth percentages a bit.
Though the COVID-19 pandemic slowed down the demand for consumer goods, the encouraging sign is that the market has picked up steam. In October, the Navratri festive season has witnessed a tremendous increase in the demand for consumer appliances like refrigerators, large screen TVs, smartphones, and washing machines.
While the increase in demand is a sign of good things to come, the supply has proved a mighty challenge, especially in the premium smartphone segment. As a result, the demand for domestic consumer appliances will continue to rise till Deepavali, especially in the tier II and III markets.
Deepak Bansal, VP of LG Electronics, has reiterated that the demand for consumer goods is a healthy sign of positive consumer sentiment. However, he also acknowledged that the growth would have been higher if the supply had been more consistent.
Similarly, Realme India Chief Executive Officer Madhav Sheth voiced positive vibes about the consumer appliance sector's growth and attributed it to the return of public sentiment. As a result, Realme plans to sell more than 6 million handsets. Navratri is generally the time when the Indian festive season kicks on. The season lasts till the end of Christmas and the dawn of the New Year. So the 15% growth in the demand is a sign of auspicious things to come.
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