Sales of airconditioners and refrigerators rose the highest in five years in March according to just published data from market tracker Gfk, signalling the return of discretionary spending.
Manufacturers have attributed the spike to the early onset of summer and improved consumer sentiment that had taken a beating around Diwali, the traditional festival season when consumer appliances makers record brisk sales. Leading airconditioner and refrigerator manufacturers Voltas, LG India, Godrej Appliances and Videocon have all seen high demand in April. Individual data on number of unit sales are yet to be published. While airconditioner sales rose 59% in March with all top brands reporting record double-digit growth, refrigerator sales were up by more than 20%. Voltas saw the highest growth pace at around 70%, while for LG, airconditioner sales rose 55% in March-April, and 40% for refrigerators.