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- Home Appliances Prices Expected To Increase By 3 5% From July 1, Companies Said Raw Materials Become Expensive
Mumbai3 hours ago
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Companies have to spend about 25% more cost on manufacturing products than last year. -file photo
The purchase of home appliances is going to be expensive for the common people from July 1. Because companies making other products including AC, TV, Freeze are going to increase the prices of their products. Their prices are expected to increase by about 3-4%. Whereas sales of home appliances declined by 20% during April-May 2021 from the same period last year.
Prices are increasing due to expensive steel, copper and other metals
According to sources, Bajaj Electronics, the leading company in the home appliances sector, is preparing to increase the prices of all its products by at least 3% from July to August. Similarly, Godrej Appliances may also increase the prices of products by 7-8% twice in the second quarter.
Experts say that due to the increase in the prices of other metals including copper, steel, the prices of home appliances have increased. Commodities prices have risen by 18-20% in the last 6 months.
25% extra spent on product manufacturing
AC maker Blue Star is also preparing to increase the prices of products by 5-8% from September 1. Because the company has to spend about 25% more cost in making products than last year. Bosch & Siemens also reduced the price of products by 3-4% from June 15.
Component shortage will increase TV prices
Due to the shortage of LED panels and semiconductors, the prices of TVs are also expected to increase. It is expected that Sony can increase the price of its television by 12-15%. Smart TV prices have increased by 30-60% in the last 6 months on a yearly basis and this is likely to continue.