Recovering from the double impact of demonetisation and GST implementation consumer durable firms are pinning hopes on 2018 that improved market sentiment will bring them back to the growth path.
With the streamlining of the process after GST implementation behind them, the companies feel that the prospects of good economic growth, coupled with a revival in demand and consumption, will help them overcome the hit they took in volumes and profits in 2017.
Interestingly, these firms believe that the demand should be evenly distributed between urban and rural markets. According to PTI, Sony India Head of Sales Satish Padmanabhan said the industry is already seeing “positive comeback signs post the implementation of GST and expects 2018 to only be better”.
Whirlpool of India Managing Director Sunil D Souza said “2017 was an eventful year for the broader Indian economy, our industry and our business. We went through some ups and downs given the two major reforms of demonetisation and GST during the year.”
With the hurdles now history, the companies, especially electronic goods and appliances makers, are gearing up to bring innovative products to woo consumers to showrooms in 2018.
“In 2018, we will continue to bring industry first innovations for Indian consumers with an exciting line-up of future-ready products,” said Rajeev Bhutani, Samsung India V- P, Consumer Electronics Business.
Panasonic India is also not lagging in its plans for new products with a major transition in portfolio and positioning in the offing.
“We will strengthen as a comprehensive consumer electronics maker to offer solutions that fulfills the wishes of customers while improving our individual products,” said Manish Sharma, Panasonic India and South Asia President and CEO.