New Delhi, Nov. 6
THE festive season has given the domestic consumer durables industry reasons to rejoice. According to initial estimates coming in, most segments of the industry have grown by upwards of 25 per cent in the period, with October driving the bulk of sales.
In fact, the festive period has turned around the declining trend in the CTV industry. "The sales growth has been exceptional in the period for CTVs, DVD players and microwave ovens. In fact, the sluggish trend in CTVs has been reversed and the industry is now well on its way to achieve its target of selling over 10 million television sets in 2005. This would translate into a growth of about 10-15 per cent for the year," an official from the Consumer Electronics and Television Manufacturers Association (CETMA) said. According to industry data, CTV sales were up by 18 per cent in September. Industry analysts said that initial estimates suggest that total CTV sales topped 1.5 million sets in October.
Analysts point out that pent-up demand over the past few months could have resulted in the sharp increase as people postponed purchase due to several factors.
For instance, sales in the western States such as Maharashtra, had been impacted due to heavy flooding earlier this year.
"CTV sales would continue to grow this year as the wedding season is now approaching, followed by the New Year," Mr Girish Rao, Vice-President - Sales, LG Electronics India, said.
LG Electronics on its part said that sales in the period were better than expected and the company was well on its way to achieve its festival period sales target of Rs 1,600 crore.
Samsung India Electronics said that it recorded its highest turnover ever in a single month in October, with sales increasing by 40 per cent as compared to the corresponding month last year.
"The growth has been driven by higher end products. In CTVs for instance, while sales of flat CTVs jumped by 100 per cent, that of premium CTVs (such as plasma) increased by 360 per cent.
"Even categories such as refrigerators and washing machines have seen exceptional growth. Our refrigerator sales jumped by 94 per cent and washing machines sales increased by 60 per cent in October," a Samsung official said.