In an attempt to adjust to the new lifestyle inflicted upon by the COVID-19 pandemic induced lockdown and its aftermath, the people locked inside their homes in India have rushed to buy more of consumer household durables, appliances and electronics to facilitate a smooth transition into the life where parents have to work-from-home and children have to attend online classes.
The market of consumer durables and electronic items have recorded sales in this June only about 20% less than last year – indicating a decent recovery if compared to the markets of footwear, apparels and beauty related.
The executive director of Bajaj Electricals Ltd., Mr. Anuj Poddar said that “My usual guess is that it is more than just pent-up demand. Because we deal with low-ticket size items, people are back to buying. The kitchen appliance category also saw some momentum as people are spending more time at home,”
Mr. Anuj Poddar also stated that especially in case of small applicances, June has far exceeded their expectations, mainly following the increased trend of demand that started during the mid of May.
Usha International stated that the demand in June was at par with last years’.
The VP, home appliances, LG Electronics India, Mr. Vijay Babu also said that they have seen 15% growth in the home appliances category over last year.
Retailer Croma’s chief marketing officer, Mr. Ritesh Ghosal has said that “outlook is 10-12% growth for the immediate future. We have seen sales of appliances in May/June jump by 25% from last year. Digital gadgets like phone and laptops have shown almost 50% growth in sales”.
Retailer’s Association of India have recently stated in their survey that the retailers of consumer durables have shown a quick recovery when compared to categories like apparel, beauty, accessories, footwear and home furnishings.