While premium products like large screen televisions, frostfree refrigerators and fully automatic washing machines did sell in cities and large towns driven by plethora of consumer finance options and price cuts — sales of entry-level products which constitute the belly of the market — were a washout, several manufacturers said.
Kolkata: Stagnant or lower festive season sales of entry-level television and appliances like semi-automatic washing machines and single door refrigerators have seen a huge pile-up of stock of these products prompting consumer electronics companies to cut production by up to 30% in November and December, three senior industry executives said. Low to middle-income consumers stayed away from purchases or shifted
liquidity issue in trade and this has impacted wholesale stock movement, which remained down 5-10% (on-year) from July onwards,” he said. The festive season — from Onam in Kerala till Diwali covering Navratri, Durga Puja, Dussehra and Dhanteras — is the biggest shopping period in India, accounting for 30-40% of annual sales of consumer electronics, smartphones and home appliances.