With COVID-19 pandemic inducing lifestyle changes leading to an increase in the adoption of premium products across categories, LG Electronics India is bullish about the festive sales and hopes to register double-digit growth over last year this festive season.
To cash on the festive season, the company has launched a wide range of advanced differentiated technology products like Rollable OLED TVs, Side by Side Refrigerator ( Door in Door), Washer Dryers, Charcoal Microwave Ovens, Dual Inverter ACs, Gram Laptops etc., ahead of the festive season.
Along with the strong product lineup, LG has announced promotional campaigns and consumer offers to help consumers upgrade to the latest technology and is witnessing good traction in both - offline as well as online channels.
“Festive season contributes approximately 30% in overall sales for LG Electronics India. We are expecting double-digit growth this festive season over last year,” says Deepak Bansal- VP- Corporate Planning- LG Electronics India.
With the economy opening up and employees expected to resume office LG believes that while work from home diverted consumer attention to their homes with a pattern of upgrading consumer durables, the company expects this trend to continue as still many people are opting for hybrid work culture.
Overall, LG says Indian consumers are early adopters of technology and the company has witnessed the good acceptance of flagship technology products.
While the contribution of large screen TV has increased significantly, there has been a good demand for bigger capacity washing machines and refrigerators.
There is an increased awareness for energy-efficient products which has led to a surge in 4 & 5-star rating AC and Refrigerator sales.
“Penetration of consumer durables in India is still very low, however, increase in rural electrification over last few years certainly pushed durable sales. In the urban market, we have seen growth in the replacement market as consumers are upgrading to the latest technology and bigger capacity. If we disregard the covid impact, the industry has seen consistent growth,” adds Bansal.
Completing 24 years in India, LG electronics commands a 29.4% share in refrigerators, 37.3% in washing machines, 25.0% in LCD TV, 28.7% in Inverter AC, and 38.5% in MWO in the Indian market, as per the GFK market shares for 2021 till date.
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