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Home » Articles » What Is Consumer Durables ?

What Is Consumer Durables ?

Article Posted On Date : Friday, May 22, 2009

What Is Consumer Durables ?

Consumer durables are selling like hot cakes
With Indian economy increasingly witnessing structural transformation from a rural, agricultural one to more urban industrialised one, Consumer durable goods sector is fast emerging as an important segment of the economy.

Consumption of manufactured consumer goods is recognised as one of most widely accepted measures of standard of living and quality of life. Consumer goods manufacturing industry provides the driving force for stimulating rapid economic growth.
The growth rate of manufacturing and consumer goods industry normally surpasses that of agriculture and service sectors. It is for this reason that the manufacturing and consumer goods durable industry is considered the backbone of economy.
Pro-active policies
It reveals that some of basic issues pertaining to each individual sector are properly set right, growth and development of consumer durable goods sector may help overall economic development of the country.
Significantly it highlights the need for pro-active government action for helping the industry to achieve lower cost, improved quality and better performance in competitive environment.
The rising rate of growth of GDP, growth in disposable income, improved lifestyles, rising purchasing power of people with higher propensity to consume with preference for sophisticated brands would provide constant impetus to growth of white goods industry segment.
The survey has made detailed segment wise analysis and has come out with segment-wise strategies for further growth of white goods industry. It has outlined the strategy to be undertaken by the industry for healthy development of consumer durables in India with co-existence of domestic companies and MNCs and for better household penetration.
For instance on Air Conditioners (AC) segment it reveals that Indian€ industry, which has mainly dominated by players like Carrier and Voltas, has been taken over by the new MNCs in the last few years.€ market is dominated by four major players—LG, Voltas, Carrier and Samsung.
LG is the market leader with a market share of 29 per cent followed by Voltas (11) and by Carrier and Samsung (9.2 each) in addition to other players like Hitachi and Videocon.
Purchasing power
While foreign companies have been looking at low penetration level of refrigerators in India's domestic market as an attraction for entry, growth levels in the refrigerator industry so far have not been very promising. This is because purchasing power of the first time refrigerator buyer is still below the purchaser's capacity to pay for owning a refrigerator.
Unless income levels and availability of financing options improve, along with substantial price reductions of refrigerators, growth in refrigerator market would remain in single digit figure.
Replacement demand, which, however is yet to pick up, will drive growth and this will fuel growth in the higher and segments like frost-free markets. Survey suggests brand building through advertising and promotion will also contribute to the growth of the refrigerator market.
Changing lifestyles
On Washing Machines segment it says there are several reasons for smaller market of washing machines in India. One is relative cheapness and ready availability of domestic help in India—it is cheaper to wash clothes manually.
For the same reason, many housewives in less affluent households prefer to wash clothes themselves rather than invest in washing machines. Water scarcity in many Indian cities and timely availability is another major issue. However, it foresees that penetration of washing machine will rise by more than 6 per cent in the next two years. Major growth is projected to take place in fully automatic segment, which accounts for above 23 per cent of the total market to about 30 per cent.
Fully automatic machines are gaining popularity with the change in lifestyle of consumers, increase in income, increase in number of working couples, and duue to price competitiveness. The off-season consumer promotion efforts by companies to explore untapped households has opened up new opportunities for them to grow further, the Survey reveals.

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