Makers of refrigerators and washing machines are shelving their plans to hike prices by 5% from January, due to a slowdown in sales after demonetisation, with the industry fearing that the impact may continue at least till March next year.
Prices of refrigerators, washing machines and air-conditioners were scheduled to go up due to increase in component prices and weakening rupee. The companies have informed the trade about the decision to postpone price hike, three senior industry executives said. “Most brands review prices in January but this time brands are holding back price hike,” said Pulkit Baid, director at Great Eastern, a leading white goods retail chain in East. Panasonic India CEO Manish Sharma confirmed the company is not planning any price hike in January. “We may not be able to regain the business opportunity lost due to demonetisation, but expect the situation to improve my next summer,” he said.