Demand for high-end products like AI-enabled washing machines and smart air conditioners is driving festive shopping , surpassing interest in the mass segment. Companies are introducing offers and flexible payment plans to ease the impact of inflation and attract more shoppers. This comes as the mass market shows signs of recovery and rural incomes are supported by a strong monsoon season.
"The premium segment has been the star performer this year, with strong growth across categories. The mass market has been stable so far," said Kamal Nandi, business head and executive VP at Godrej Appliances. Nandi anticipates that the mass segment will pick up during the festive period, extending through Diwali.
Nandi added, "A good monsoon season positively impacts agricultural returns, which typically translates into increased demand in mass markets. We expect to see this uptick materialise more significantly going ahead." Extended EMI schemes on premium products and demand for product upgrades in metropolitan areas are also boosting growth.
"We expect value sales to grow over last year...
the demand for premium products will increase more than last year," said Nilesh Gupta, director at Vijay Sales. Haier Appliances India is forecasting a 35% year-on-year growth this festive season. "LED TV and washing machine sales have surpassed projections since the onset of the season with Onam and the brand is hopeful of good Diwali sales amid increasing consumer appetite for premium products," sai.