Updated Mar 01, 2021 | 11:21 IST
It is interesting to note that spends on electronics and appliances rose despite widespread salary cuts and mass layoffs during the pandemic period. Sale of premium electronics increased during Lockdown 2020 in India: report | Photo Credit: Representative Image
Cooped up inside their homes during the lockdown period in 2020 many Indians splurged on electronics with increased spending on things like smartphones, laptops, microwave ovens, and refrigerators.
According to market research firm GfK India, the average selling price (ASP) of smartphones went up by 7%, laptops by 7% while appliances such as microwave ovens and refrigerators went up by 4% during the lockdown in 2020.
Synopsis
Sales of air-conditioners grew by 25%, refrigerators by 15%, microwave ovens by 39% and washing machines by 24% by the number of units sold in both retail stores and online since India unlocked in the second half of last calendar year boosted by record Diwali sales.
Agencies
Godrej Appliances business head Kamal Nandi said consumers are spending on essentials since the pandemic and appliances have become an essential product for them rather than discretionary.
Consumer electronics industry logged in decade high sales between July-December in home appliances and one of the highest ever in the Diwali quarter, reveals just released data from market researcher GfK India which is the only agency that tracks actual sales.
Budget will increase rural consumption, boost economy: India Inc
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The enhanced capital expenditure, particularly on infrastructure, will create livelihoods and provide an accelerated thrust to the V-shaped recovery trajectory, said Sanjiv Puri, chairman and MD, ITC Ltd
Reuters
Kolkata:
GfK India managing director Nikhil Mathur: The government presented a growth-oriented budget today with necessary investment on infrastructure, health & well-being, inclusive development, innovation and R&D. This is a welcome move as the higher infra spend creates a high multiplier impact on the GDP and supports the government initiatives to “Make in India” and increasing FDI in manufacturing. Given the focus on health & well-being and digital payment, we will see some improvement in consumption of smart appliances backed by fintech. Besides, substantial investment in PLI for electronic manufacturing schemes is expected to attract global players in the Indian manufact