Prices Of TV, Fridge, Washing Machine Will Rise By Upto 11%; Confirmed By LG, Panasonic, Thompson
As per new reports coming in, the prices of LED TV and other home appliances will be increasing from January.
The prices will reportedly be increasing by as much as 10 per cent from next year.
Read on to find out the reason behind the increase in the prices of electronic appliances right here!
Prices Of Electronic Home Appliances Set To Increase From January 2021
In the upcoming new year, the prices of electronic home appliances will be increasing by 10 per cent including refrigerators, washing machines. The primary reason for this is the increase in the costs of key input materials like copper, aluminium, and steel. Another reason being cited for this is the increase in charges of ocean and air freights.
Additionally, the prices of TV panels (Opencell) have increased by two times as there is a shortage of supply from the global vendors, along with the cost of plastic increasing due to the hike in the prices of crude oil.
This has been confirmed with the manufacturers, who have also deemed it as imminent and unavoidable.
LG, Panasonic, Thomson To Increase Prices From January 1, 2021; Will This Impact Demand?
Reports have suggested that leading manufacturers of electronic home appliances such as LG, Panasonic, and Thomson will be increasing their prices from January. However, Sony is still reviewing the situation and will be deciding upon the prices later on.
Manish Sharma, the President & CEO of Panasonic India said, “We expect the increase in commodity prices to impact our product pricing in near future. I anticipate the prices to go up by 6-7 per cent in January itself and may go up to 10-11 per cent towards end of FY Q1.”
LG Electronics has said that they will be increasing the prices of their products of a minimum of 7 to 8 per cent from January 1, 2021.
The prices of small screen sizes is a significant issue for the industry and their prices have also increased considerably.
The Consumer Electronics and Appliances Manufacturers Association (CEAMA) has already issued a warning that an increase in the prices will result in a decrease in the demand of