Mumbai8 minutes ago
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The demand for premium products in the consumer electronics market in the country is growing rapidly. During January to June 2024, the sales revenue (value) in the consumer electronics market has increased by 11%, while the sales volume has seen an increase of only 1%.
Smartphone sales have seen a 12% increase in revenue during January to June 2024, while sales have not increased compared to last year. Despite sales being flat, the jump in value indicates that sales of premium or expensive products are growing rapidly.
Sales of small home appliances increased by 29%
According to a report by market intelligence firm GfK, sales of major appliances increased three times compared to last year. Sales of small home appliances increased by 29%. The main reason is the increasing demand for kitchen appliances. Sales of major home appliances including cooling products increased by 18%.
Sales of air conditioners grew by 30% and refrigerators by 7%. This shows that consumers are increasing the use of convenient and new devices in their homes. In the first half of this year, 12.5 crore units worth about Rs 2 lakh crore were sold in India. This is 3% more than last year.
Increase in demand for products with advanced technology and more features
According to a GFK report, the demand for premium products with more features has increased among consumers in the first half of this year. For example, sales of smartphones with more than 256 GB of storage saw a 140% increase. Sales of gaming laptops and washing machines with a capacity of 9 kg or more grew by 30%. Sales of 5 star split inverter ACs have registered a 59% increase.
Overall mobile sales decreased by 6%
- The country’s TGC market is worth about Rs 2 lakh crore. However, sales have declined from entry level to mid level.
- Overall mobile sales fell by 6%, while price-wise there was a growth of 10%. The reason is that people are buying premium products.
- Refrigerators witnessed a growth of 11% with premium models such as side-by-side, French door and 3 or 4 door segments.
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