Its raining discounts, freebies this festive season!
After months of falling sales owing to higher inflation and interest rates, consumer durables companies and others are hoping to cash in on the people's tendency to spend more on their objects of desire during festival time.
"The festive season is extremely important for the industry and Diwali is an all-India festival when consumers like to upgrade their home appliances and consumer electronics and this year will be no exception," said L.K. Gupta, vice president, marketing, LG India.
Electronics firms have launched special campaigns and are offering additional gifts in the form of freebies ranging from Rs.10,000 to Rs.50,000, apart from finance help to attract customers.
"It is our endeavour to make the auspicious festive season even more special for our consumers by giving them exciting gifts with their purchases," said Mahesh Krishnan, vice president, consumer electronics business, Samsung India.
"The gifts available to consumers range from Samsung tablets for our hi-end Series 7 and 8 in Smart TVs and select Side-by-Side refrigerators to mobiles for select home appliance products," Krishnan told IANS.
Said Pranay Kumar Shashank, a business executive who plans to buy a car this Diwali: "During the festival season, despite all the negativity, people buy products because of religious sentiments and some amount of liquidity which comes in the form of the bonus that they get from their employers," he added.
Anupriya Jolly Chug, a feature writer in a magazine, has a different take on the urge to splurge during festival time. "I believe shopping is a personal prerogative; inflation does not stop you from eating, then why should it stop anyone from shopping? I just allocated funds more smartly," she said.
LG's Gupta said consumer sentiment has been a concern for the industry, as also macro-economic factors like price hike due to dollar appreciation. "That has forced the consumer to postpone their purchase."