LED TV, refrigerator, washing machine costs set to go up by 10% from January
Electrical appliances could cost more in the year 2021. It is expected that prices for LED TV and appliances such as refrigerator, washing machines will go up from January onward on account of the rise in costs of key input materials like copper, aluminium, steel and increase in ocean and air freights charges.
Prices of TV panels (Opencell) have also risen by over two-folds due to short supply the global vendors while the cost of plastic has gone up due to rise in crude oil prices.
Terming the move as "imminent" and "unavoidable", manufacturers including LG, Panasonic and Thomson are set to be hike the prices from January. Sony is still reviewing the situation and is yet to take a call.
"We expect the increase in commodity prices to impact our product pricing in near future. I anticipate the prices to go up by 6-7 per cent in January itself and may go up to 10-11 per cent towards end of FY Q1," Panasonic India President and CEO Manish Sharma said.
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Meanwhile, LG Electronics India too was said it was going to increase the price on all products. "From January, we are going to increase the price of 7 to 8 percent on all products including TV, Washing machine, refrigerator etc. There is an increase in raw material prices and metals as copper and alumunium. Moreover, crude oil prices have gone up, hence the cost of plastic materials have also gone up substantially," LG Electronics India VP- Home Appliances Vijay Babu said.
However, Sony India said it was yet to take a final call while also hinting that it would follow suit. "Not yet. It is a wait and watch. We are watching the supply side, which is changing day by day. Its blurry situation and we have not decided as how much...tendency is moving towards that situation.
(With PTI inputs)
