The festive season in India, marked by celebrations like Ganesh Chaturthi and Onam, has brought a significant boost to the sales of automobiles and consumer electronics. This surge is largely driven by attractive discounts and promotional offers that entice consumers to make purchases during this period.
Key Highlights
- Automobile Sales:
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- Maruti SuzukiΒ reported a 10% increase in bookings in Kerala ahead of Onam.
- Deliveries in Maharashtra and Karnataka also rose by 10% on the first day of Ganesh Chaturthi.
- Two-wheeler sales grew by 15-16% during Onam.
- The auto industry is expected to see a 15% increase in volumes over the average monthly sales of 330,000 units seen in the first five months of the fiscal year.
- Consumer Electronics Sales:
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- Sales of consumer electronics rose by 7-8% compared to last year.
- Frost-free refrigerator sales grew by 15% during Onam, while entry-level single-door refrigerator sales declined by 6-7%.
- Fully automatic washing machine sales increased by 12-13%, whereas semi-automatic washing machines saw a marginal growth of 4-5%.
- Appleβs new iPhone 16 series saw better demand compared to last year, with bookings opening on September 13, 2024.
Factors Driving the Surge
- Discounts and Offers: Hefty discounts and promotional offers have been a major factor in driving sales. These offers make high-value purchases more accessible to a broader audience.
- Pent-Up Demand: The first half of the year saw sluggish demand due to various factors, including elections and weather disruptions.Β The festive season has provided an opportunity for consumers to fulfill their delayed purchasing plans1.
- Premium Segment Demand: There is a noticeable trend where premium products continue to drive most of the demand across various consumer goods2.
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Conclusion
The festive season in India is not just a time for celebration but also a significant period for the retail market. The rise in sales of automobiles and consumer electronics during this time highlights the importance of strategic discounts and offers in boosting consumer spending. As the festive season progresses, we can expect this trend to continue, bringing cheer to both consumers and retailers alik