TV, Fridge, Washing Machines Can Become 3-5% Expensive: Find Out The Reasons Why?

Prices of home equipment and shopper electronics, like TVs, washing machines, and fridges, are reportedly going to go up by 3-5% in this month or in June as manufacturers try to cope with the rising cost of raw materials. 

Extra stress on Indian manufacturers 

Additionally, the falling Indian rupee as compared to the US Dollar has put additional pressure on manufacturers as imported raw materials have become more expensive and the business largely dependent on imports for crucial raw materials.

Because of the challenges, there was scarcity of raw materials triggered by piling up of containers at Shanghai port because of strict lockdown within the metropolis following the surge in Covid-19 circumstances.

This has put a lot of stress on the stock of the producers, and several other prime line merchandise which add lesser value to homes and are largely dependent on imports.

In keeping with the Client Electronics and Home equipment Producers Affiliation (CEAMA), fall of the Indian rupee towards the US Dollar is creating more problems for the business.

Price hikes in many home equipments

In a lot of the product categories, there might be price hikes starting from washing machines and cooling merchandise to air conditioners and fridges and many other home equipment.

Some AC makers have already increased their prices and some other companies are anticipated to follow suit in this month or in June.

On Thursday, the rupee fell by 15 paise and closed at 77.40 against the US Dollar.

Panasonic India & South Asia CEO Manish Sharma stated there’s continued stress on enter prices even though the company is working to decrease the effect on customers.

Additionally, the Tremendous Plastronics Pvt Ltd (SPPL), which has branding licences for worldwide manufacturers that embody Blaupunkt, Thomson, Kodak and White-Westinghouse, may also be planning to increase costs of its TVs.

In this year, there have been various challenges, from the Ukraine-Russia conflict to the state of Covid-19, and now the Indian rupee is falling to an all time low as compared to the US Dollar.

Haier Home equipment India president Satish N S said it has discarded the provision of raw materials and the effect of this decision will be seen from the month of June.