Festive Season Price Hikes: Major Manufacturers Raise Prices 5-8%
Major appliance and electronics manufacturers are planning to raise prices of air conditioners, LED TVs, washing machines, and other products by 5-8% from October 1 due to higher costs of copper, steel, aluminum, and crude derivatives.
The hike comes just ahead of the peak festive shopping season and marks the industry's third round of price increases this year. Air-conditioner prices are expected to rise 5-8%, while some manufacturers will also increase prices of washing machines, refrigerators, and LED TVs by 3-4%.
Companies such as Blue Star, Godrej Appliances, Haier, Daikin, and Super Plastronics have already announced or confirmed price increases of 4-10% across categories. Panasonic is evaluating market conditions before deciding on a hike.
Haier India president NS Satish said the company plans to raise prices of room air-conditioners by around 5% from October 1, and may undertake further increases after Diwali and again in January if input costs remain elevated.