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
