Low EMI facility, zero interest finance, exchange facility and cash back offers are attracting buyers
The refrigerator demand is witnessing a phenomenal growth of 25 per cent during the current season. Low EMI facility, zero interest finance, exchange facility and cash back offers are attracting buyers in large numbers. “We are getting tremendous demand for refrigerators this year. The demand for refrigerators has increased by 25 per cent compared to previous year,” said Nihar Taori, Director of Taori Marketing while speaking to The Hitavada.
Today manufacturers are making refrigerators more user friendly as per the needs and requirements of the consumers. Furthermore, they are getting more choices in colour combinations and designs, he pointed out. The most sought after refrigerators are the ones with star rating in order to save electricity bills. Most manufacturers have introduced refrigerators equipped with inverter technology. This revolutionary technology lowers the power consumption which in turn reduces electricity bills. Apart from this, manufacturers are offering 10 year warranty on the compressor. Earlier, they were giving warranty of only 5 years.
The top brands are also offering side by side door refrigerators. Similarly, the bottom mount refrigerators offer convenience to the consumers. The freezer is placed at the bottom of the refrigerator so that housewives do not have to bend their backs every time they open it. Furthermore, the big size refrigerators have seen a spike in demand of more than 100 per cent as compared to last year. There are refrigerators available in 1,000 litres.
The price range of starts from Rs 7,500 to Rs 3.5 lakh. The top brands are LG, Samsung, Whirlpool, Haier, Godrej, Panasonic, Voltas Beko, Hitachi, Bosch etc. A new trend as started where some people are using more than one refrigerator in their homes. They are buying small 70 litre to 90 litre refrigerators and putting them in their bedrooms. The role of refrigerators has gained prominence in the household as it being used to store all type of food products like masala and increase self life of food, he said.
“Taori Marketing sells more than 11,000 refrigerators in a year,” he added. Gaurav Pahwa, Director of Lotus Electronics said that they are getting very good demand for refrigerators with growth of 15 per cent compared to the year ago period. More than 40 per cent of the buyers are exchanging their old refrigerators and taking home the new models equipped with latest technology. A K Gandhi, Director of A K Gandhi Electronics said that they are receiving 10 per cent to 15 per cent growth in demand. Zero finance and low EMI facility has lifted demand for refrigerators. Sources said that the refrigerator market size is estimated to be Rs 200 crore in Vidarbha. It is growing by 20 per cent year-on-year. However, in the last two years trends are changing fast with increase in value growth compared to number of units sold. High value refrigerator sale are growing at much faster pace.