Electronic and Home Appliances will be Expensive Due to Inflation Hit

The pace of buying is expected to increase further till Navratri, Dussehra, Dhanteras, and Diwali. However, due to inflation, this pace may also be braked.
Electronic and Home Appliances will be Expensive Due to Inflation Hit
Image Credit: Moneycontrol

This year the market is buzzing in the festive season. Shops have opened and crowds have started pouring in to buy goods as before. The pace of buying is expected to increase further till Navratri, Dussehra, Dhanteras, and Diwali. However, due to inflation, this pace may also be braked. Actually, after four and two-wheeler, now the prices of goods related to people's needs like smartphones, laptops, TVs, fridges, air conditioners are also going to increase. That is, if you are going to buy any of these items, then tighten your pocket.

The cost of raw materials and transportation of these goods is continuously increasing. Because of this, the prices of these goods are going to increase in the country. According to the manufacturers, this is the worst time ever in terms of cost. Some four and two-wheeler companies have already increased the prices.

Electronics items to be up to 8% costlier

In the coming days or rather around Navratri, consumer electronics items can become expensive by up to 8 percent. At the same time, the prices of cars and two-wheelers can be increased by 1-2 percent. The prices of cars and two-wheelers have seen an increase of 10-15% on several occasions during the last 12 to 18 months. How will the cost of electronics items affect you? Let's understand it with an example…

Let's say you are planning to buy a new 4K TV and fridge. The current price of a TV from a better company is 25 thousand rupees and the price of a refrigerator is 20 thousand rupees. That is, you can buy both these items for Rs 45,000. Now if the price of these two increases by 8% in the coming week, then you will have to spend Rs 3600 extra.

Image Credit: The economic times
Image Credit: The economic times

Import is getting expensive

Vehicle import prices have also been increasing rapidly over the past few months. Due to which the models of cars priced from Rs 5 lakh to Rs 25 lakh have become costlier by Rs 50,000 to Rs 2.5 lakh. Expensive imports have also affected two-wheelers. The prices of bikes and scooters have been increased from Rs 5,000 to Rs 10,000 during this period.

Steel prices have doubled in a year, while aluminum and copper prices have also risen by 20-25%. Due to the shortage of semiconductors in the world, their prices have also increased by 25-75%. With the increase in the prices of all these, the cost of freight has increased by two-three times. Due to this import has become the most expensive.

Car prices changed 5 times

The two-wheeler market has been badly affected by the increase in prices. While it has not shown much effect on the demand for the car. Car sales figures have been increasing rapidly in the last 2-3 months. Regarding this, Ravi Bhatia, President, Consultancy Jato Dynamics India said that in the first 9 months of this year, the price of 10 models of the best selling car has been changed 5 times. On the other hand, the weighted average incentive has come down from Rs 13,000 to Rs 8,000 per car.

Foreign company's goods costlier by 8%

The International Data Corporation (IDC) said in a report that smartphone prices have increased by 3-5%, as all companies have resumed manufacturing. These companies are now producing new models. Appliance brands like Bosch, Siemens, and Hitachi are increasing the prices of their products by up to 3-8%. At the same time, from next month other companies are also thinking of doing the same.

Navkendar Singh, Research Director, IDC India, said companies have already incorporated high input costs and freight costs on smartphones and laptops to be introduced during the festival season. At the same time, companies have increased prices on some existing products as well. Prices of TVs, air conditioners, and home appliances such as refrigerators, washing machines, and microwave ovens are set to increase by 3-7%. Some companies may change the price tag for the next month.

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