Festive appliance sales saw value growth despite price hikes, though volume growth stayed uneven. LED television volumes fell 15-20% during the Navratri-to-Dhanteras period in 2026. SPPL Director Avneet Singh Marwah said, "For the first time, 32-inch televisions have started de-growing in double digits." Many buyers deferred purchases due to higher costs.

Diwali shopping trends show a stark divide in India's consumer economy. While premium 4K TVs and air conditioners logged double-digit value expansion, the staple 32-inch budget television market tanked as aggressive pre-festive price hikes forced entry-level buyers to walk away.

Consumer appliance companies reported value-led growth in the festive season, which culminated with Diwali, driven largely by successive price hikes and a shift towards premium products, even as volume growth remained uneven across categories, with entry-level segments facing demand pressure, according to industry insiders.

Performance across categories remained mixed, with LED television volumes declining 15-20% during the Navratri-to-Dhanteras festive period in 2026, compared with the year-ago period, while room air-conditioner sales showed divergent volume trends across companies.

Successive price hikes by the industry during the year to offset higher input costs also impacted demand. The industry implemented up to an 8% hike, mostly on cooling products and appliances in October during festive sales.

The increase in product prices, particularly in the mid-premium and premium segments, has weighed on consumer sentiment and purchasing decisions in a price-sensitive market like India, prompting buyers, especially in the mass and entry-level categories, to defer purchases despite festive discounts and promotional offers.

Godrej Enterprises Group Business Head and Executive Vice President (Appliances Business) Kamal Nandi said the company recorded over 50% growth during the like-to-like festive period from October 9 to November 6, against an estimated 20-25% growth for the industry.

The growth was led by air conditioners, followed by refrigerators, with both mass and premium segments expanding at a similar pace across market tiers, he said.

However, Nandi also mentioned volume growth remained 5 to 7% lower in the festive season this year, comparing the Navratri-to-Dhanteras period on a like-to-like basis.

SPPL, which manufactures and markets television brands such as Thomson, Kodak and Blaupunkt in India, reported a 15-20% decline in TV volumes during the festive season compared with the year-ago period.

SPPL Director Avneet Singh Marwah said premium television models continued to witness growth, while the entry-level segment faced a significant setback.

"For the first time, 32-inch televisions have started de-growing in double digits," he said, adding that the broader industry trend was similar, with growth largely concentrated in the premium segment.

As a result, the industry is witnessing revenue growth without corresponding growth in unit sales, he said.

Marwah attributed the weakness in entry-level demand to higher prices and subdued consumer sentiment, noting that India remains a price-sensitive market where consumers expect attractive discounts and promotional offers during the festive season.

"If value for money will not be there in the entry level, you will see de-growth," he said, adding that price increases were among the major reasons behind the postponement of purchases in the mass market.

An interesting trend, however, was the significant increase in the company's share of 4K televisions, which has now become almost at par with Full HD (FHD) models, Marwah said.

Meanwhile, Blue Star Managing Director B Thiagarajan said the company's room air conditioner business recorded a growth of over 35% in both volume and value terms during the festive period compared with the previous year.

However, the company continues to face pressure on margins as it has not been able to entirely pass on the price hikes undertaken during the year, he said.

Thiagarajan said the correction in pricing and margins was expected to happen after Diwali, as dealers had stocked up significantly ahead of the festival.

He clarified that although Blue Star had undertaken price increases, the entire increase had not yet been passed on to consumers.

Typically, the festive season, spanning Onam in southern India, Dussehra and Diwali, accounts for around 30-40% of the annual sales of appliance manufacturers, according to industry reports.