Will electronic goods get costlier ahead of festive season?
The festive season is approaching, and many families have started planning their purchases. From new televisions and refrigerators to air conditioners and washing machines, people often wait for festivals like Dussehra and Diwali to buy major home appliances.
However, buyers may have to pay more for several electronic products this year. Prices of air conditioners (ACs), televisions, refrigerators, and washing machines are expected to rise starting October 1, just before the peak festive shopping period.
Prices could increase by 4% to 10%
According to reports, several major appliance manufacturers are preparing to hike prices from October. Companies such as Godrej Appliances, Haier, Daikin, and Super Plastronics have indicated price increases ranging from 4% to 10%. Overall, customers could see a price hike of approximately 5% to 8% across various products.
For families planning to buy expensive appliances during the festive season, even a modest price hike could add several thousand rupees to the final bill.
Third price hike this year
The anticipated October hike would mark the third round of price increases for electronic and home appliances this year. Manufacturers are grappling with higher raw material costs, alongside rising transportation expenses.
High fuel prices have driven up freight and logistics costs, thereby increasing the overall expense of bringing products to market. Fluctuations in metal prices have also raised production costs for manufacturers.
Global tensions increase cost pressures
Uncertainty in international markets and disruptions linked to tensions in West Asia are cited as additional factors contributing to the cost pressure. Higher costs and challenges associated with importing certain raw materials have placed additional pressure on manufacturers.
This potential price hike comes at a time when companies typically offer discounts and special schemes to attract festive season shoppers. Therefore, customers planning to buy ACs, TVs, refrigerators, or washing machines may need to carefully compare prices and offers before making a purchase.