The Rs 1.5-trillion-a-year industry has ended the year with a 30 per cent fall in sales because after a steady recovery in the festive season, multiple factors dashed its hopes of revival at the end of the year.
Panasonic India is set to increase the prices of its products by up to 7 per cent, while some others players have already increased it.
Currently, Panasonic India comes under the company's Singapore-based establishment. Other global regions of the Japan-based firm are based out of Japan, North America, Asia, Europe and Latin America.
Some companies argue that the culture of staying, working and learning at home will persist for a while, altering lifestyle habits of consumers.
Bullish on the Indian market, National Panasonic India, is tracking a turnover growth of over 55 per cent in the current fiscal, and plans to launch three new cellular phone models in the country soon.
Top companies across sectors -- automobile maker Maruti Suzuki, consumer electronics giant Samsung to IT giant Infosys -- have reopened factories and offices as India took its first steps towards resuming economic activity after weeks under a near-total coronavirus lockdown.
The industry is expecting double-digit growth on a year-on-year basis, helped by a possible price correction after softening of raw material inputs and factors such as positive sentiments, pent up demand and improving economic conditions. Besides, a shift in consumer behaviour from price consciousness towards technologically advanced premium products with quality, value proposition and safety aspects leading to a rise in demand for home automation products is making the industry upbeat. With the government's production linked incentive (PLI) scheme for white goods, which has witnessed a committed investment of Rs 4,614 crore, in place, many manufacturers are gearing up to make the most out of the opportunity as well as take steps towards reducing their dependency on imports and make products more affordable.
Durable goods companies and retailers say online sales won't compensate for the fall in offline sales.
Japan's consumer electronics major Panasonic plans to double its headcount in India to 20,000 in next two years with the commissioning of its new manufacturing facility at Jhajjar in Haryana.
With consumers staying indoors and e-commerce firms extending their reach to a larger number of pin codes, these giants have snatched a larger share from the offline traders this season.
The company said it would hire 2,150 this year and top it up with another 3,850 in 2012, in contrast to Panasonic Corp's massive job cuts plan by 2013.
Consumer durables player, Panasonic India, plans to set up its first manufacturing unit in India. It has shortlisted three locations for the factory -- Chennai, Pune and Gurgaon -- and is soon expected to take a final call in this regard.
Finance Minister Nirmala Sitharaman on Tuesday unveiled a Rs 39.45 lakh crore Budget with a view to fire up the key engines of the economy to sustain a world-beating recovery from the pandemic. This was Sitharaman's fourth Budget. While the taxpayers were left in the lurch, once again, was she able to cheer Corporate India?
But it may come with a downside risk of further rise in prices of several products.
With states in north India imposing stricter measures to curb intra-state movement after April 20, makers of summer products such as air conditioners, refrigerators, colas, and ice creams are estimating a 25-60 per cent drop in yearly sales.
Panasonic India, the consumer durables and electronics major, on Monday announced the launch of its new camera phone Panasonic X300.
From fast food and athleisure to ACs, the demand for several non-discretionary items has spiked since May 17, when Lockdown 4.0 was extended till May 31.
Good pay hikes, positive macroeconomic factors and the taming of inflation have had a positive effect on purchases
As Covid-19 cases surge in India, companies have realised it's a tightrope walk between maintaining production and ensuring employee safety.
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Almost 40 per cent of a durable company's sales are achieved during the festival season
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Consumer durable firms, including Haier, Whirlpool, Panasonic, Godrej Appliances and Daikin, are increasing prices of their products by up to 5 per cent following the withdrawal of excise duty sops, coupled with high input costs.
FMCG, durables, pharma firms say they remain unclear about transition gains and losses
As Delhi-NCR chokes on post-Diwali pollution, demand for air purifiers has spiked with manufacturers such as Eureka Forbes, Blueair, Kent RO and Panasonic expecting up to four-fold jump in sales.
Excise duty on most products has been capped at 12.5 per cent
Top carmakers, including Maruti Suzuki India, Hyundai and Honda, are expecting a spike in their sales following the implementation of 7th Pay Commission recommendations.
The success of internal communication depends on its utilisation.
Firms are offering employees flexi hours; demand for air purifiers, masks have skyrocketed.
LG, Samsung, Videocon, Sony and Panasonic have instructed their trade partners that products sold through online marketplaces without their knowledge during flash sales will not get the benefit of after-sale service and warranties.
Consumer durable makers like Sony, LG, Panasonic and Whirlpool are expecting up to 35 per cent growth in the upcoming festive season and are pulling out all stops as the sector eyes a rebound from a prolonged slump.
While e-commerce operations for these firms are small at the moment, it is slated to grow in the next 3 to 4 years.
Consumer durables and electronics companies are putting the final touches to their festive period plans.
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