In 2021, the second wave of COVID-19 affected the normal operation of electronics and appliance specialist retailers, as they remained closed in the first half of the year. Even after the lockdown was lifted and the rules and regulations became less stringent, consumers remained wary of returning to physical stores.
With relatively more time spent at home with their families, consumer demand for household products increased in 2021. Since consumers were unable to purchase items in 2020 because of the lockdowns and supply disruption, there was a lot of pent-up demand to be met in 2021.
In 2021, due to home seclusion and people spending more time working, studying and socialising at home, they spent more money on premium appliances and electronics, such as large-screen televisions, soundbars and speakers, large-sized refrigerators, coffee makers, etc. With limited household help available during the pandemic, they also preferred to buy products such as dishwashers and robotic vacuum cleaners to help with household tasks.
A PLI scheme was announced by the Indian government in November 2020 to boost India’s production capability to facilitate exports, which also included electronics and appliances. This scheme, also aimed to promote Atmanirbhar Bharat, or making India a self-reliant nation, will also help manufacturers bring down their production costs and improve their production capabilities, thus helping their domestic business.
The government of India is planning to improve housing and infrastructure in the smaller towns in the country in the coming years, which is also expected to drive the sales of electronics and appliance specialist retailers in the forecast period. Improving disposable incomes and rising employment amongst Indians are also likely to contribute to growth.
Increasing awareness and affordability, higher access and changing lifestyles are expected to be the main growth drivers for electronics and appliance specialist retailers in India in the forecast period. The relaxation of FDI (Foreign Direct Investment), with approval of 51% in multi-brand and 100% in single brand retail, will also attract many foreign companies to invest in India, hence improving access and affordability further.
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Understand the latest market trends and future growth opportunities for the Electronics and Appliance Specialist Retailers industry in India with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Retail outlets specialising in the sale of large or small domestic electrical appliances, consumer electronic equipment (including mobile phones), computers or a combination of these. For mobile phone retailers, this excludes revenues derived from telecoms service plans and top-up cards, etc. Example brands include Apple, Best Buy, Euronics, PC World, Darty, But, Media Markt, Yamada Denki, Gome (China).See All of Our Definitions
This report originates from Passport, our Electronics and Appliance Specialist Retailers research and analysis database.
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