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In the upcoming days, televisions and other home appliance are expected to become costlier as the electronic equipment manufacturers are reviewing prices after the festive season sales. This is due to the weakening of the Indian rupee against the dollar as well as an increase in customs duty.
Earlier during the festive season, manufacturers decided to hold the prices and absorb the impact of increased input cost in order to ensure smooth festive season sales.
To an interview to PTI, Manish Sharma, Panasonic India President and Chief Executive Officer stated, “Over the last few months, the rupee has continually risen which in turn is impacting our inputs costs.” He added, “While we try to absorb maximum costs for our consumers, but given the market situation, we will be forced to hike the prices by 5-7 per cent from next month.”
Haier India President Eric Braganza said, “We have ensured that the price rise comes into effect post the festive season since India tends to purchase consumer durables extensively during this time. The decision was undertaken considering that cushioning of prices was no longer an option with tight margins coming into play.”
Consumer Electronics and Appliances Manufacturers Association (CEAMA) President, Kamal Nandi, said: “Though the MRP was increased, the price hike undertaken in September did not really get effective due to sluggish demand and brands trying to garner maximum share in the marketplace during the crucial festive season.”
