Kolkata: Premiumisation sparkled brighter than ever this Diwali with Indians splurging on costlier smartphones, large-screen televisions, and high-end home appliances.
From Navratri to Diwali, sales of smartphones priced above Rs 30,000 made their highest-ever contribution to overall sales, while 43-inch TVs overtook the 32-inch segment for the first time, according to market researchers and company executives.
Electronics makers also reported record 45–50% growth in sales of premium products in categories like refrigerators and washing machines during this period.
In fact, some big-ticket items like side-by-side refrigerators, 75-inch and above televisions, and large capacity front load washing machines ran out of stock before Diwali, executives said.
“While premiumisation has been gaining strength every year, this Diwali it reached newer heights,” said Satish NS, president at Haier India, the country’s third-largest consumer electronics company.
Executives attributed the surge to multiple factors — the effect of goods and service tax (GST) reduction in several categories, pent-up demand during the one-month transition between the announcement and implementation of GST cuts, improved consumer sentiment, income-tax rate cuts, easier consumer finance, and aggressive promotional offers by manufacturers.
As per mobile phone tracker Counterpoint Research, the Rs 30,000-plus premium smartphone segment touched a record 28% share of total volume sales this festive season, up from 23% last year.
Strategic Acquisition Targets
This is mainly reflective of the funds the bank has set aside against potential losses from unsecured loans. Other, or non-interest, income fell 4% to ₹2,589 crore, as the bank booked a ₹128 crore trading loss during the quarter, compared with a ₹91 crore profit year earlier.
Chief executive officer Ashok Vaswani said the bank is slowly seeing some uptick in unsecured loans with portfolios of personal loans, credit cards and micro finance likely to grow in the coming quarters.
“Personal loans have already picked up and we will see micro finance and credit card loans also growing to become double digits and then mid-teens in our loan portfolio,” Vaswani said. “We had gone slow on these loans but credit costs on these loans are declining, except for some stress we see on retail commercial vehicles.”
Such unsecured loans make up 9.2% of the bank’s loan book, down from 11.3% a year earlier. Asked whether the bank is in the race to take over state controlled IDBI Bank, Vaswani said: “We look at every single opportunity, but cannot and should not comment on any deals.” The bank will look at acquisition targets that are “a strategic and valuation fit”, he said.
From Navratri to Diwali, sales of smartphones priced above Rs 30,000 made their highest-ever contribution to overall sales, while 43-inch TVs overtook the 32-inch segment for the first time, according to market researchers and company executives.
Electronics makers also reported record 45–50% growth in sales of premium products in categories like refrigerators and washing machines during this period.
In fact, some big-ticket items like side-by-side refrigerators, 75-inch and above televisions, and large capacity front load washing machines ran out of stock before Diwali, executives said.
“While premiumisation has been gaining strength every year, this Diwali it reached newer heights,” said Satish NS, president at Haier India, the country’s third-largest consumer electronics company.
Executives attributed the surge to multiple factors — the effect of goods and service tax (GST) reduction in several categories, pent-up demand during the one-month transition between the announcement and implementation of GST cuts, improved consumer sentiment, income-tax rate cuts, easier consumer finance, and aggressive promotional offers by manufacturers.
As per mobile phone tracker Counterpoint Research, the Rs 30,000-plus premium smartphone segment touched a record 28% share of total volume sales this festive season, up from 23% last year.
Strategic Acquisition Targets
This is mainly reflective of the funds the bank has set aside against potential losses from unsecured loans. Other, or non-interest, income fell 4% to ₹2,589 crore, as the bank booked a ₹128 crore trading loss during the quarter, compared with a ₹91 crore profit year earlier.
Chief executive officer Ashok Vaswani said the bank is slowly seeing some uptick in unsecured loans with portfolios of personal loans, credit cards and micro finance likely to grow in the coming quarters.
“Personal loans have already picked up and we will see micro finance and credit card loans also growing to become double digits and then mid-teens in our loan portfolio,” Vaswani said. “We had gone slow on these loans but credit costs on these loans are declining, except for some stress we see on retail commercial vehicles.”
Such unsecured loans make up 9.2% of the bank’s loan book, down from 11.3% a year earlier. Asked whether the bank is in the race to take over state controlled IDBI Bank, Vaswani said: “We look at every single opportunity, but cannot and should not comment on any deals.” The bank will look at acquisition targets that are “a strategic and valuation fit”, he said.
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