Company executives said they are increasing spending to stimulate demand which has slowed this year unlike the past two years where supplies were a challenge, while for smartphones it is also about eliminating 4G smartphones with 5G models to prepare for the launch of 5G services next quarter. .
Realme announced on Tuesday that it will be offering discounts worth â¹700 crore for the entire festive season across all channels, up from â¹500 crore spent last year. Industry executives said Samsung and Xiaomi will also increase spending significantly from last year with stiff competition in the mobile phone market. Samsung and Xiaomi did not respond to emails.
Electronics brand Haier is to spend â¹100 crore this festive season on advertising and promotions, while home appliance market leader LG India is increasing festive spending by 20-25% from last year.
âThe festive season is extremely critical this year with increased spending expected to drive demand,â said Deepak Bansal, Vice President of LG India.
Haier India Chairman Satish NS said every effort will be made to revive sales this festive season with higher spending on consumer promotion and marketing. âWe build stocks hoping for good deals, like a calculated bet,â he said.
Companies are going all out with direct price cuts; exchange offers and cashbacks.
and, for example, will launch an upgrade offer for consumers this year, while Realme said it will offer discounts of up to â¹10,000 on smartphones and up to â¹12,000 on electronics .
Demand for smartphones and TVs has slowed since February and home electronics from May due to record inflation and consumer spending on other areas like buying clothes, dining out or shopping. holidays.