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Sales dhamaka: Badi Diwali for premium goods, not so much for mass market

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Sales dhamaka: Badi Diwali for premium goods, not so much for mass market
KOLKATA | NEW DELHI: Brands across cars, smartphones, apparel, refrigerators and televisions are enjoying a cracker of a festive season despite a subdued start, with sales growth of up to 30% over last year, driven by premium products – a major relief after three quarters of consumption slowdown.

Cars priced above Rs 8-9 lakh, smartphones priced above Rs 20,000, 43-inch plus televisions, double or multi-door refrigerators, automatic washing machines and other premium products led demand while mass products saw only a marginal uptick, slowing overall volume growth, companies said. Higher discounts and EMI schemes helped boost sales, they said.

Stellar festive sales have come as a surprise for many as demand for most consumer goods categories including cars and smartphones had slowed this year due to continued high inflation, general elections impacting government spending and the resultant multiplier effect on the income of a large section of people, and extreme weather.

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Companies said they remain in a wait and-watch mode to see if the sales spike signals a broad recovery or is limited to the festive season. “It’s a relief after three quarters of stagnant sales,” said Devaranjan Iyer, chief executive of departmental store chain Lifestyle.

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