Bad news if you’re planning to buy AC, fridge, washing machine, here’s why
Makers of consumer durable products are hiking prices due to the rising input costs. Here's how costlier electric appliances are going to get.
Dearness Alert! The new year has seen a rise in the prices of air conditioners, refrigerator. Makers of electronic consumer durable products have increased the retail prices due to the rising input costs. Due to this increased raw material and freight costs, will engulf another essential appliance in the price rise as washing machines will likely become costlier by 5-10% later in January or by March 2022.
As reported by news agency PTI, some brands like LG, Panasonic and Haier have already revised prices of their products while other big brands like Godrej, Sony and Hitachi are set to follow suit by end of the ongoing quarter.
Consumer durable products may see an industry-wide hike between 5-7% between January to March, as per Consumer Electronics and Appliances Manufacturers Association (CEAMA).
Haier Appliances India has “taken steps” to hike prices of products in refrigerator, washing machines and AC categories by 3 to 5%.
Panasonic has increased AC prices up to 8% and is still deciding on other product lines. LG has hiked prices in home appliances category. Due to “inevitable” price rise, Johnson Controls-Hitachi Air Conditioning will hike prices of its brands up to 10% by April in phased manner.
Other brands still to decide whether they will undertake price revisions include Sony and Godrej Appliances.
Some industry leaders are also wary of hurdles like delay in manufacturing due to the COVID-19 pandemic’s resurgence that could impact manpower, and weekend and night curfew restrictions. However, the prices could even come down by April-May if demand in the market remains sluggish.
(With inputs from PTI)