Indian Economy News

Consumer durable companies will have double-digit growth in 2023, supported by consumer demand for items with premium features

  • IBEF
  • January 2, 2023

The consumer electronics and durable goods sector is counting on high-end, feature-rich devices to fuel double-digit growth in 2023. With consumers opting for "smart, connected, pleasant and convenient appliances”, brands anticipate the majority of growth to come from tier-II and beyond areas. This is fuelling demand for expensive appliances that are simple to operate and efficient with energy.

The industry is anticipated to increase at a rate of 10-15% in FY23-24, while Godrej Appliances anticipates 20% growth during this time. The premium sector will be largely responsible for this rise and the company has planned large expenditures along with launching additional products, stated Mr. Kamal Nandi, Business Head and Executive Vice President of Godrej Appliances.

He further stated, although consumer confidence in the mass segments was impacted by inflation, the premium segments remained positive. In all regions and across all channels, the company has seen premium categories expand faster than mass segments. The premium sector for Godrej Appliances has increased by over 100% during the pre-pandemic era FY19–20. Additionally, we have seen increased demand for appliances that offer greater convenience, greater capacity, and cutting-edge health-first features.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.