TVs, washing machines, ACs and other consumer electronic prices may go up this October
Companies including Blue Star, Godrej Appliances, Haier, Daikin and Super Plastronics have announced or confirmed price increases, PTI reported. Air-conditioners are expected to see some of the biggest increases.
Air-conditioners, LED TVs, washing machines and other consumer appliances may become more expensive this October, with several companies planning price hikes of around 5-8 per cent, according to a PTI report. Blue Star Managing Director B Thiagarajan said AC and deep-freezer prices have already increased by 5-8 per cent. However, he added that GST benefits of about 10 per cent would bring the net impact for consumers to around 5 per cent. “Price hikes of 5-7 per cent across categories will happen. Haier India plans to increase room AC prices by around 5 per cent from October 1. It also plans a 2-3 per cent increase for categories including LED TVs and washing machines. Some manufacturers are raising prices of washing machines, refrigerators and LED TVs by around 3-4 per cent. Super Plastronics plans to increase TV prices by around 7 per cent after October, while its appliance prices have already risen by 4-5 per cent.
Because of the war, “All the commodity prices have been going up.
Copper, steel and plastics have all become costlier,” he said as quoted by PTI. Thiagarajan said this is the company’s third price increase this year. Godrej Enterprises Group Business Head and Executive Vice President Kamal Nandi said another price increase has become “inevitable” after commodity prices rose 8-10 per cent. The timing may differ from brand to brand, with some implementing it from October and others from November, but it has to happen,” he told PTI. “Television prices for smaller screen sizes could rise by up to 20 per cent, while larger screen sizes may see increases of up to 10 per cent, depending on screen size,” he said.
This is expected to be the third price hike in the consumer electronics industry this year. Manufacturers have pointed to rising input costs as the main reason behind the planned price hikes. Commodity prices, freight costs and supply chain pressures have increased the cost of making and transporting appliances. “There are pipelines which will last for about a month to one-and-a-half months. Diwali should largely get covered with old-price inventory. Post-Diwali, the new prices will certainly take effect,” he added. This means buyers looking for an AC, TV or washing machine may still find some models at current prices during the early festive shopping period. However, availability and pricing will depend on individual brands and dealers. The price pressure is not limited to ACs. Videotex Director Arjun Bajaj also warned that higher costs could continue to affect TV prices after Diwali. Panasonic, meanwhile, is still assessing the situation before deciding whether to raise prices. You use AI every day. Now get your AI Quotient. Take the AIQ test.
The increases come just before the festive shopping season and are being linked to higher prices of copper, steel, aluminium and crude oil derivatives, along with rising freight costs and currency movements. However, buyers may still be able to purchase some products at older prices in the coming weeks, as dealers are holding inventory bought before the latest price increases.
Nandi said dealers have already stocked products at existing prices and that some of this inventory could last through the festive season. One way buyers may avoid the immediate impact of the new prices is by shopping before older dealer inventory is exhausted.