TVs, washing machines, ACs and other consumer electronic prices may go up this October, but here’s how buyers can save some money
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. 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. This is expected to be the third price hike in the consumer electronics industry this year. 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.
Why are AC, TV and appliance prices going up
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.Blue Star Managing Director B Thiagarajan said AC and deep-freezer prices have already increased by 5-8 per cent. “All the commodity prices have been going up because of the war. 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. However, he added that GST benefits of about 10 per cent would bring the net impact for consumers to around 5 per cent.
AC prices may rise by up to 8 per cent
Air-conditioners are expected to see some of the biggest increases. Companies including Blue Star, Godrej Appliances, Haier, Daikin and Super Plastronics have announced or confirmed price increases, PTI reported.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.“Price hikes of 5-7 per cent across categories will happen. 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.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.
How can buyers save money
One way buyers may avoid the immediate impact of the new prices is by shopping before older dealer inventory is exhausted. Nandi said dealers have already stocked products at existing prices and that some of this inventory could last through the festive season.“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.
TVs and washing machines may also get costlier
The price pressure is not limited to ACs. 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.Videotex Director Arjun Bajaj also warned that higher costs could continue to affect TV prices after Diwali. “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.Panasonic, meanwhile, is still assessing the situation before deciding whether to raise prices.
