Ravinder Zutshi, deputy managing director, Samsung India said, Based on the rising input costs of copper and steel we have increased the prices of our consumer products. We have increased the prices of our refrigerators by 1.5-3% which translates between Rs 100 to Rs 1,000 depending on the models. For semi automatic washing machines the hike ranges between Rs 200 to Rs 300 and for split ACs by around 10%.
Manish Sharma, head of marketing, consumer electronics & home appliances, Panasonic India told FE, There has been a rise in the input prices of copper, steel, zinc which will further lead to an increase in the cost of consumer electronic items by 2-3%. Although we have been able to absorb it till now but if the prices soar further then the company would pass it on to the consumers.
Haiers Eric Briganza, president, Haier India told FE, Haier is planning to increase the prices of its products before the summer season starts. We are planning a price increase ranging between Rs 700 to Rs 1,500 depending upon the product and model.
According to NV Sivakumar, leader consumer and industrial products, PwC India, The trend of rise in consumer durable goods is expected to last for a year. With the rise in prices, there will be an impact on revenue but the demand would not dip.