Image Source: India Today
In the first five months of 2024, as Northern India and other parts of the country experienced unprecedented heatwaves, there has been a remarkable surge in the demand for air conditioners and related appliances, as per the latest Consumer Electronics Data. The data reveals significant growth across various consumer segments, with Tier 2 regular customers leading the surge with a staggering 1168% increase in demand for air conditioning units.
Tier 1 affluent consumers, meanwhile, showed a strong preference for premium air conditioners and refrigeration, contributing to a 620% rise in AC sales and a notable 113% increase in fridge sales during the same period.
In Tier 3, where budget-friendly options are crucial, there was a notable spike of 1018% in AC sales and a robust 202% growth in fridge sales. This trend underscores a growing market for affordable cooling solutions among lower-income groups.
The study also emphasizes the role of technology and affordability in shaping consumer preferences, indicating that the consumer electronics sector is achieving widespread market penetration. Additionally, there has been a noticeable increase in online searches for terms like ‘cooler’ and ‘pool,’ indicating heightened interest in cooling accessories and pool-related products.
Furthermore, urban centers showed varying trends in kitchen and other appliances: Tier 1 cities saw a 28% increase, while Tier 2 cities experienced a larger 59% rise in mid-range kitchen product interest among consumers. Tier 3 cities also demonstrated a significant 42% growth in this category, highlighting a broadening consumer base across different urban tiers.
Overall, the data paints a picture of how extreme weather conditions have significantly influenced consumer behavior, driving substantial growth in the market for cooling solutions and related appliances across all segments of society.
