The festive shopping season is likely to get expensive for consumers as the prices of certain essential products like air conditioners, LED TVs, washing machines and other major home appliances are set to rise by 5-8% from October 1. Leading manufacturers are preparing to pass on higher production and logistics costs to buyers.
The price increase comes as manufacturers face continued pressure from rising input costs, higher freight expenses and currency volatility amid the ongoing West Asia crisis.
Air-conditioner prices are set to rise 5-8 per cent while some players are also increasing prices of washing machines, refrigerators and LED TVs by 3-4 per cent, industry executives said, as reported by PTI.
Some fear the hike could affect festive demand, others believe the impact will be limited. Dealers and distributors have already stocked inventory bought at older prices through pre-buying schemes in August and September.
The report further said that the companies like Blue Star, Godrej Appliance, Haier, Daikin, and Super Plastronics have already announced or confirmed price hikes ranging from 4-10 per cent across categories.
Panasonic said it was still evaluating the situation before deciding on any increase.
Blue Star Managing Director B Thiagarajan, as quoted by PTI, said prices of ACs and deep freezers have already increased by 5-8 per cent due to higher commodity costs. “All the commodity prices have been going up because of the war. Copper, steel and plastics have all become costlier,” he said.
Haier India President NS Satish said, “If we avoid taking price hikes, we will lose money. If we increase prices, sales may be slightly impacted, but there is no choice,” quoted PTI.
Daikin Airconditioning India Chairman and Managing Director Kanwaljeet Jawa said the company has already increased prices by 8-10 per cent from September 16.
“Copper prices have gone up by almost 25-35 per cent. The dollar is strengthening and commodity prices continue to rise. Companies are under tremendous pressure,” he said, reported PTI.
AC, TV, Appliance Prices May Rise Up To 8% From October 1 Ahead Of Festive Season
