Expect to spend a big chunk of their marketing budgets
Festive season is here and consumer electronics majors are leaving no stone unturned to boost their sales, which has so far been affected due to skyrocketing inflation and rising interest rates. But the companies hope that attractive offers and interesting finance options that they have lined up for their consumers will prop up sales.
All major firms, including LG Electronics, Samsung, Sony, Haier and Panasonic, are expecting their sales to go up this festive season which is usually the time when they do brisk business and also spend a big chunk of their marketing budgets. The Indian consumer electronics market today stands at over Rs.40,000 crore.
LG Electronics India Chief Operating Officer Y. V. Verma said “Our priority is to maximise customer satisfaction and heighten the competitive edge of our flagship products. We have come out with various attractive customer reward programmes and also finance schemes to boost our sales”.
Similarly, Samsung India has launched ‘Samsung Smart Utsav' to woo customers. “We are looking at business worth Rs.2,500 crore from the promotion…this will translate into a 30 per cent growth over the previous year. We will give away gifts worth Rs.150 crore during the 45-day period,” said Samsung India Vice-President (Home Appliances) Mahesh Krishnan.
Sony India has also set a sales target of Rs.2,000 crore this festive season, a hike of 35 per cent from last year. “Apart from introducing new products, we are spending Rs.100 crore on advertising and promotion to boost its sales during the festive season,” said Sony India Senior General Manager (Sales) Sunil Nayyar.
Chinese firm Haier India President Eric Braganza said “We are eyeing a sales growth of 50 per cent over last year and expect to achieve sales of Rs.200-250 crore”.
Similarly, Panasonic India has high hopes this festive season. “Out of the total Rs.350 crore annual marketing budget, Rs.100-crore is being utilised during the festive season,” said Panasonic India Director (Sales & Marketing) Manish Sharma.