Diwali Price Hike: Indian Home Appliance Prices Soar Amid Rising Raw Material Costs
The upcoming Diwali season may bring higher prices for home appliances in India. Electronics manufacturers are facing rising raw material costs and logistics expenses, forcing them to increase prices on select items.
According to industry leaders, production expenses have skyrocketed due to soaring copper prices, which have jumped from $8,000-9,000 per tonne last year to approximately $14,500. This directly affects the cost of manufacturing air conditioners (ACs), refrigerators, and washing machines.
Major brands like Blue Star, Godrej Appliances, Haier, Daikin, and Super Plastronics have already started raising prices on select items. For instance, AC prices are set to increase by 8%, while TVs will see a 4% bump. LG and Bosch Home Comfort have also bumped up AC prices by around five percent.
Blue Star's Managing Director B. Thiagarajan explained that climbing commodity prices have already led to price increases of five to eight percent for ACs and deep freezers. Godrej is also raising prices, citing an 8-10% increase in commodity expenses since the previous price adjustment.