Summer sales of appliances will offset COVID-19 impact on consumer durables sector: CARE Ratings – News 24-7 Live News 24-7 Live
Summer sales of appliances will offset COVID-19 impact on consumer durables sector: CARE Ratings

Summer sales of appliances will offset COVID-19 impact on consumer durables sector: CARE Ratings

Consumer electronics and appliances industry had seen demand contraction in Q1FY21 due to the COVID-19 outbreak and subsequent lockdown restrictions.

Appliance sales by consumer durables firms will help offset the economic impact of COVID-19 faced by these companies in 2020, CARE Ratings said in a report.

According to CARE, consumer durables goods (except travel goods and telephone, mobile phone instruments) registered double-digit growth in production on a yearly basis in Q3FY21.

The consumer electronics and appliances industry had seen a contraction in demand in Q1FY21 due to the COVID-19 outbreak and subsequent lockdown restrictions.

“Continuance of work from home culture and lectures/classes being conducted online supported the demand of goods that enhance convenience at home, such as refrigerators, electric cooking appliances, washing machines and ACs,” said the report.

News Source:- Money Control

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