"Festive demand is estimated to have grown in the range of 7-9% year-on-year," said Harshit Kapadia, an analyst at Elara Securities (India). This includes categories such as cables and wires, fans, switches, and lighting, he added. For televisions, the ICC Men’s Cricket World Cup provided a major boost.
The preference for premium products continued with more demand for, say, double-door refrigerators over single-door units. Washing machines, TV sets and fans also saw higher demand at the top end. For fans, companies, such as Havells India, stand to benefit as they cater to the premium segment, where customers are less price-sensitive. In general, the premiumization trend augurs well for the margins.
To be sure, there wasn’t much of an increase in demand for fans during the festive season, largely owing to seasonality, similar to air conditioners. Even so, demand for air conditioners was steady in October thanks to high temperatures.
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