The prices of air conditioners, refrigerators, smart TVs, and washing machines have increased in the recent past and are also anticipated to increase.
New Delhi: If you are thinking it is a good time to buy new home appliances with the fall in inflation, hold on. The goods manufacturers have been increasing the prices of the essential home appliances for the past couple of years, and this trend is expected to continue this year also. The prices of air conditioners, refrigerators, smart TVs, and washing machines have increased in the recent past and are also anticipated to increase.
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Apart from this, a further price hike is also expected in the latter half of the fiscal year 2024 due to uncertainty due to monsoon.
Speaking to News 18, Kamal Nandi, Business Head and Executive Vice President at Godrej Appliances, said the prices of major consumer appliances such as air conditioners have gone up] by over 30% since late 2020 when the inflation cycle began.
He stated that the costs of these appliances reached the highest point in mid-2022, but there has been a slight decrease in component prices since then. He added that due to the ongoing uncertainty, it is challenging to make predictions beyond the next three months.
Avneet Singh Marwah, CEO of Super Plastronics, however, warned of an upcoming wave of price hikes of these home appliances.
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Avneet further highlighted that there has been a significant surge of 30-35% in the prices of LED panels over the past four months and because of which they are considering hiking the TV prices by 7-10% starting in June.
Amid the price rise of these appliances, Blue Star, the air conditioning company, is not inclined to increase prices and anticipated a challenging summer season this year, as hinted by the forecast from the IMD (Indian Meteorological Department).
