In third hike this year, appliances to cost 5-8% more from October 1: Report
Panasonic said it was still evaluating the situation before coming to a decision in the matter.
The festive shopping season is set to become more expensive as leading appliance and electronics manufacturers plan to raise prices by 5-8 percent from October 1, according to a recent report. This will be the third price increase this year. The hikes are being passed on due to rising costs of raw materials such as copper, steel, crude derivatives, and currency fluctuations caused by the conflict in West Asia.
Manufacturers claim that the increased prices are necessary to maintain profitability as inflation in inputs and higher freight costs make further price increases unavoidable. While some companies believe the impact of the price hike on festive demand may be limited, as dealers and distributors may have already stocked inventory bought at older prices, others are concerned that the increase could affect sales.
Major companies like LG, Bosch Home Comfort, Haier, Daikin, and Panasonic have announced or confirmed the price hikes, which will apply to various appliance categories such as air conditioners, washing machines, refrigerators, and LED TVs. The impact of the price hike may vary among brands, with some implementing it from October and others from November.
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