Samsung India reports record 32% growth in October for electronics business

Kolkata: Indian consumers are buying premium consumer electronic products, including for entry-level categories and in smaller towns, which has helped Korean giant Samsung to report record sales during October, a senior company executive said.Samsung India senior vice president (consumer electronics business) Raju Pullan said the company has grown by 32% in October as compared to same period last year, while the sales of premium products have grown by 50%."This is certainly the best ever growth, since typically growth during festive period is 15-20%. Sales of premium products have grown across categories. Consumers are buying higher capacity products and upgrading technology too," said Pullan.ET on Thursday reported about global electronic companies including Samsung reporting their best ever sales this October, despite a high base in corresponding period of last year. In August and September, Samsung had grown by 20% while for premium products the surge was 30%. Even during Durga Puja in East, Samsung grew by 34% while for premium products it is 62%.Pullan said the same trend is reported even in smaller towns where the company's growth rate is 36% while for premium products at 68%. Even products like 4K televisions have grown in these distribution led markets by 72% while QLED TV by 46%. The faster adoption for premium products has pushed Samsung's overall growth rate in premium products across categories, Pullan said. For instance, while overall television is growing at 32%, 65-inches and above at 80%. Overall refrigerator at 31%, frost-free refrigerators of 350-litres and above at 40%. The same trend is reported in washing machines and microwave ovens too."People are buying electronics and premium products due to convenience, efficiency of product and to upgrade their lives when home is the centre piece for everyone. Many are even skipping one level like from a single door lower capacity refrigerator and directly buying frost free 300 litres and above," said Pullan.Pullan said Samsung has a strong supply chain and had expected this massive surge in demand during festive season by the high growth rate during August and September.Hence it has better managed the supply issue which is plaguing the industry largely, though there is some strain on supply chain for premium products due to huge sales, he said.

from Economic Times https://ift.tt/365Tf83