Appliances, consumer electronics companies seek silver lining in 2021; pin hopes on new launches
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Last Updated: Dec 17, 2020, 01:02 PM IST
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Leading brands witnessed rapid increase in digital consumption, changes in demands where more consumers are seeking value propositions with a comfortable, convenient, and connected experience to support a changed lifestyle amid the coronavirus pandemic.
New Delhi: The appliances and consumer electronics industry, which lost around 25 per cent of annual sales in the COVID-19-hit 2020, expects to regain the lost ground next year through a special focus on digital initiatives, emerging trends, change in consumer behaviour as well as the impetus to ramp up domestic manufacturing activities.
Job creation, lower taxes, fiscal stimulus, fast-track reforms: Consumer companies Budget demand
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“Government will have to work on course correction, fiscal and relief measures to boost discretionary spending and put more money in the hands of consumers to stimulate subdued demand,” said Arvind Mediratta, managing director at retail chain Metro Cash & Carry.
Reuters
While the FMCG sector has been growing in double digits in channels such as e-commerce and rural markets, demand in urban India, which has seen consumers downtrading, has remained subdued.
New Delhi | Kolkata: Chief executives at large consumer-facing companies said easing constraints on disposable incomes with fiscal measures, job creation, lower taxes, fast-tracking production-linked incentive (PLI), ease of doing business and protecting MSMEs should be the focus of the government in the upcoming budget to spur demand in the pandemic-hit economy.
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