Consumer durable companies especially in the north Indian states of Punjab, Haryana, Himachal Pradesh and Jammu & Kashmir grappled a sluggish monsoon, affecting their growth.
August and September this year has particularly been harsh for companies operating in this region.
While states like Punjab and Haryana which were inundated by floods resulted in sentiments turning feeble among masses, uproar in the Kashmir valley, gave companies a tough time meeting targets.
Now with the onset of Shradh period (15 days period for remembering ancestors), has toned down the mood of the companies. The Shradh period is considered inauspicious time for making new purchases and has remarkable impact on companies in rural areas.
Sources requesting anonymity maintained last few months have been particularly bad for the consumer durable sector in the North Indian states.
Business this year has been 20-25 per cent down compared to last year mainly because of floods and tension brewing up in Kashmir valley.
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Anupam Tripathi, Regional Manger( North), Whirlpool Home appliances maintained since last 18 months the company has been showing 30 per cent growth month over month in volume terms. However, in September the growth is likely to wane and settle between 20-22 per cent, primarily because of rains. Similarly, the disturbance in Kashmir valley has impacted the business since June, as numbers have moved down.
Tripathi was however optimistic coming festival season in October and November would really put the sales trajectory on the course.
Coming festival season Whirlpool would be launching a social campaign.
Whirlpool has tied with NGO Goonj and would be distributing clothes for the needy people. The clothes would be collected from people, an appeal for which would be made through a 360 degree media campaign to be launched soon.
Deepak Jasrotia, Regional manger LG electronics maintained even though LG would been able to met its target for the months, overall growth in consumer durable industry in north has been impacted this year.
Two months August and September has been severe for most of the consumer durable companies in Punjab and Haryana as 15-20 per cent business was down compared to previous year.
Expressing optimism over coming months, Jasrotia maintained the coming festival season (beginning from Navratri) could add new zing in the companies.