Consumer durable firms including Sony, LG and Panasonic India are expecting up to 35 percent growth in the upcoming festive season as the sector eyes a rebound from a prolonged slump. To attract buyers the durable makers are offering freebies like hard disk drive, DVD players, carrying case and accessories. Discounts, cash back and extended warranty schemes are also being employed to boost festive demand.
Sony, which is expecting sales of Rs 5,100 crore during the August to November period, has earmarked Rs 250 crore for its marketing budget push sales.
Sunil Nayyar, Head Sales, Sony, saisd "Coupled with the boost in the customer sentiment, we are expecting to close the festive season with sales of Rs 5,100 crore with a growth of 25 percent over corresponding period last year.”
Besides, LG is expecting 35 percent jump in sales during the festive sales due to positive sentiments. "We are witnessing boost in consumers’ confidence on hope of an economic recovery. Consumer sentiment is picking up and we are very upbeat," said LG India, VP Sales, Sanjeev Agarwal.
Industry officials also feel that the new government has ushered in a sense of greater stability in consumers.
Commenting on the festive expectations, Panasonic India, MD, Manish Sharma, said, "We believe that the new government has resulted in a higher consumer confidence and stable rupee, which will definitely lead to an upsurge in sales this season.”
Whirlpool of India is expecting 20 percent growth in volumes during September to November and would spend Rs 12 crore on media campaigns.
Companies are also adding new products in their line up before the onset of the festive period and offering interesting mix of promotional offers on their flagship products.