LG Electronics India has announced a price increase for air conditioners. The new prices will apply from October 1.
The company will raise AC prices by 5–7% before the festive season. Therefore, customers planning purchases may face higher expenses.
LG Announces Air Conditioner Price Increase
LG Electronics India shared the decision ahead of the upcoming festive period. The company said AC prices will rise between 5% and 7%.
However, LG has not announced price changes for other products yet. The company offers consumer goods and electronics across several categories.
These categories include refrigerators, washing machines, air conditioners and televisions. Moreover, LG has not shared the exact reason behind this price increase.
Earlier, reports suggested major companies could increase product prices soon. LG became the first company to announce such a move.
Meanwhile, LG shares traded in positive territory during the announcement. The market movement came despite Sensex falling over 1,000 points.
Rising Costs Push Consumer Electronics Prices Higher
Several consumer electronics and durable manufacturers have announced price increases from October 1. These include ACs, LED TVs, washing machines and other products.
According to industry officials cited by PTI, input costs are affecting margins. Higher copper, steel, aluminium and crude derivative costs are adding pressure.
Additionally, currency fluctuations and rising freight expenses are also impacting companies. Many manufacturers are reviewing the effect of increased costs.
Air conditioner prices may rise around 5–8%. Meanwhile, some durable makers plan 3–4% increases for refrigerators, washing machines and LED TVs.
More Companies Prepare For Festive Price Changes
Blue Star, Godrej Appliances, Haier, Daikin and Super Plastronics have confirmed price increases. These companies announced hikes between 4% and 10% across categories.
Furthermore, Amazon and Flipkart have announced dates for their annual festive sales. Amazon Great Indian Festival and Flipkart Big Billion Days will attract buyers.
However, the latest price increases may affect household budgets during festive shopping. Consumers preparing for purchases may need to consider higher costs.
