While consumer durables sales picked up last year itself, FMCG companies expect a stronger revival this year compared to the 2019 festival season, aided by increased rural spending due to good monsoon rains and higher rabi crop realisations.
There are expectations of a good kharif crop as well.
"The festival season looks great and the initial feedback from markets across the country has been good.
There is an uptick in both urban and rural India compared to pre-pandemic levels," said Mayank category head, Parle Products.
Currently, Parle is seeing a growth rate of 15 per cent in value and 5-6 per cent in volume, which Shah says could go higher, to 20 per cent and 8-10 per cent, respectively, going further into the festival season.
Dabur India's executive director (sales), Adarsh Sharma, too, expects consumer sentiment to improve towards the peak of the festival season.
"Food and beverages and personal care are likely to lead the demand growth this festival season, which is expected to be higher than the previous year," said Sharma. Last year, the consumer durables industry witnessed a revival in sales during the festival season as markets opened up after the pandemic's second wave. Samsung India says it witnessed 2x growth in premium TVs and 350-litre and above refrigerators, and 3x growth in demand for its this Onam. The sound-bars demand for its Neo QLED TVs has quadrupled since last year.
This story is from the September 28, 2022 edition of Business Standard.
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This story is from the September 28, 2022 edition of Business Standard.
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