Electronic traders smiled this Diwali as they witnessed a spike in demand that rang their cash counters. Retailers of consumer durables saw strong demand for LED TVs, washing machines, refrigerators and electronic devices such as mobile phones, laptops and accessories. This year’s Diwali festival provided a sigh of relief compared to the past two years of subdued growth.
“Diwali business was great overall. Demand recovered two days ahead of Dhanteras,” Nihar Taori, director of Taori Marketing Electronics Mall, Dharampeth, told The Hitavada.
Consumer sentiment was upbeat and attractive offers from financial firms helped boost sales this holiday season. The showroom was busy and people saw, felt and understood the products before they bought them. In addition to LED TVs and refrigerators, there is strong demand for electrical appliances such as washing machines, dishwashers, microwave ovens and water heaters, he added. Taori Group saw overall growth of 30 to 35 percent, while demand in the consumer goods industry rose 20 percent, Nihar added.
The demand for large-screen LED televisions and high-quality products was higher compared to the previous year. It was as a result of high end-user spending that the targets were met. “Overall, we have achieved our goals well. This year’s demand cannot be compared to the last two years due to fears of COVID-19,” he added.
Gaurav Pahwa, director of Lotus Electronics, said demand for consumer durables has increased by more than 25 percent this season. It was already expected that the demand would increase enormously due to favorable economic conditions and financing companies offering attractive programs. “There’s been phenomenal growth in credit card usage this season,” he added.
Pravin Rathi of AK Gandhi Marketing said there has been robust demand for electronic products this season. Positive consumer sentiment should continue throughout the year as we expect the wedding season to boost demand. “There was good demand for both low-cost and high-end electronic products. Demand for fireplaces, washing machines and large-screen LED televisions shot up faster than expected.
Manufacturers of refrigerators offer their products with a 10-year warranty on compressors, which attracts consumers in large numbers. Vedprakash Jaiswal, director of Vedoms, said that as market and economic conditions improved, demand for electronic products increased by more than 25 percent.