Samsung Electronics has witnessed a strong spike in sales as India celebrates its festive season. The surge, seen in consumer electronics is a result of the festive season and increased demand due to the earlier nationwide lockdown.
“We’re seeing 32% growth (year-on-year) across televisions, refrigerators, washing machines and microwaves”, said Raju Pullan, Senior Vice President of Consumer electronics to Reuters on 5 Novemeber.
Despite the pandemic, Samsung has launched a wide range of consumer electronics ranging from smartphones, refrigerators, televisions, washing machines, and more. Multiple offers through online giants like Amazon and Flipkart, low cost EMIs, buy now pay later schemes have helped with the boost in sales for Samsung.
While overall sales had a boosted value in metropolitan cities like Delhi and Mumbai, the growth of sales in smaller towns has outpaced cities, according to Pullan.
With the pandemic and the lockdown, people have become cautious of their movement. Many now prefer to shop online. This also offers them more offers and avenues to purchase a variety of electronic items. Apart from this, big ticket purchases are often made during the festive season. Some reports also studied how Indians saved up for such purchases in the festive season.
Samsung also witnessed a notable shift in consumer patterns, with increasing consumers purchasing pricier, high-end patterns, especially in sectors like television.
“Consumers are spending more time at home, and are not able to venture out for entertainment. That’s leading to some quality purchases”, commented Pullan.
According to Pullan, the caution revolving around the pandemic has reduced the venturing of people in physical markets. This has played a significant role in boosting the sales of large capacity refrigerators.
Samsung’s consumer electronics sales has increased by an annual 20% during the months of August-September, when the unlock phases began resulting in opening of the economy. Pullan declined to comment if the boost in sales now could bridge the losses made in the first half of the year.
According to a recent ZestMoney report about expenditure in the festive season, 74% respondents said that they were saving to splurge during the festive season. Out of this, 64% respondents claimed to be saving to by electronics. The pan India survey also showed that 80% respondents would vouch for financial schemes. Around 84% respondents wanted to have an all digital experience, keeping the pandemic in mind.
Samsung launched a series of electronic items this year, including their flagship S20 smartphone.