India`s tech and durables sector sees 13 pc value growth in festive season
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The tech and durables sector in India witnessed a 13 per cent value growth during the four-week festive season, driven by heightened consumer demand across multiple categories, a report showed on Thursday.
Diwali week accounted for one-third of total sales, and combined with a week prior, it was 60 per cent of the festive sale, according to the NielsenIQ (NIQ) report.
Categories such as large appliances, panel televisions, smartphones, and laptops have seen notable growth, with some products exhibiting stronger performance.
“This suggests a shift in consumer buying patterns, with early shoppers driving the bulk of growth during the festive season this year,” said Anant Jain, Head of Customer Success– Tech and Durables, NielsenIQ.
Smartphones were the largest category, driven by growing consumer interest in 5G devices. The segment that saw the most substantial growth was in the Rs 10,000-Rs 15,000 price range.
Air conditioners, particularly split inverter models, saw impressive growth, driven by consumer demand for energy-efficient and cost-effective options, according to the report based on weekly insights from GfK intelligence.
The festive season witnessed a continuation of this trend, with AC sales growing three times faster than the overall sector, according to the report.
The laptop market showed resilience, with a significant boost in sales during the festive period. While the category had been under pressure for much of the year, festive offers, particularly around gaming laptops, led to a 22 per cent category growth.
Gaming laptops, which grew by more than 50 per cent, were a key driver of this growth.
Both refrigerators and washing machines exhibited steady growth. While televisions remain an essential category during the festive season, panel televisions experienced the least growth during this period.
Several factors contributed to the strong performance of the sector during the festive season, like innovative product features, special offers and discounts and shift towards premium and niche products.
“As India’s festive season continues, market trends indicate that the tech and durables sector is likely to maintain its upward trajectory, buoyed by consumer interest in innovative, high-quality products,” said Jain.
