Sonia Singh, a 25-year-old, Delhi-based executive had been saving money to buy the latest double-door refrigerator She was set to visit the shop when the government clamped a 21-day lockdown. She has postponed the purchase. She is not alone. Many Indians are postponing purchase of consumer durables and electronic items.
The Rs 76,400 crore Indian appliance and consumer electronics market grew in 2019 after almost two flat years on rising disposable incomes and easy access to credit. However, the Covid-19 outbreak has dampened growth projections. The lockdown in March-April will impact around 27 per cent annual sales, say industry watchers. March's usual contribution of 12 per cent has been close to nothing this year.
Contingency Plan
That is for later. The bigger problem is that India imports about 45 per cent of completely built units and nearly 70 per cent of components for TVs, air conditioners, refrigerators, washing machines and more from China. However, contingency plans are in the works. The companies have learnt their lesson and are working to reduce dependence on China and streamline supply as well as distribution. The coronavirus has exposed fault lines in the global supply chain. In future, the focus of consumer durables enterprises will be on avoiding over-dependence on one country, says Prabhu Ram, Head- Industry Intelligence Group (IIG), CMR.
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