Consumer durable firms expect festive spirit to turn into sales
Consumer durable makers like Sony, LG, Panasonic and Whirlpool are expecting up to 35 per cent growth in the upcoming festive season and are pulling out all stops as the sector eyes a rebound from a prolonged slump.
To attract buyers, 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.
'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 per cent over corresponding period last year,' Sony India, Head Sales, Sunil Nayyar said. South Korean maker LG is expecting 35 per cent 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.
Panasonic India, Managing Director, 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'.