SME Editorial
The year saw stupendous growth in the consumer durables sector in India, with a 9 per cent surge in value for smartphones and a marginal 2 per cent decline in volume, a report showed on Tuesday.
The air-conditioner (AC) category showed a 10 per cent growth in volume and 12 per cent rise in value from the January-October period this year, as compared to the same period last year.
The panel television category experienced a 2 per cent growth in volume, but this positive trajectory was counterbalanced by a substantial 7 per cent contraction in value due to an increased mix of smaller size PTV sale as compared to previous period, according to insights shared by GfK — an NIQ company, for the period of January-October 2023 compared to the same period in 2022.
In the smartphone category, the overall impact of volume decrease, however, was mitigated by an impressive 11 per cent growth in the average selling price (ASP) of smartphones. “The industry’s expansion can be credited to a noticeable consumer inclination toward premium products spanning diverse categories,” Anant Jain, Head of Customer Success Management, India GfK.
“The decrease in average selling prices (ASPs) during the festive season has resulted in a comprehensive upswing in sales this year, underscoring the dynamic evolution of consumer preferences,” he added. Major domestic appliances (MDA) and small domestic appliances (SDA) showed varied growth rates. Cooling products, conversely, experienced a shift with a 6 per cent reduction in volume and a 4 per cent decrease in value, leading to a category average selling price increase by 2 per cent, the report mentioned.
In the washing machines vertical, a minor 2 per cent decline in volume was accompanied by a marginal 0.5 per cent decrease in value, reflecting around 2 per cent increase in industry ASP compared to the same period. The domain of audio home systems, in particular, revealed a nuanced narrative characterised by a 3 per cent increase in volume juxtaposed with a corresponding 3 per cent decrease in value, the report said.
