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Consumer product companies witnessed a much faster rebound in demand after the Covid-19 second wave as compared to the last year.
The consumer product companies are rolling out various lucrative offers and crafting special sales strategies to make the most of the festive season after a Covid-19 battered phase. Today is Janmashtami, a festival that is celebrated across the Indian sub-continent, and companies, especially the ones operating in the e-commerce space have rolled out special deals.
With a dip in the active caseload of Covid-19, an accelerated vaccination drive and economic activities are slowly gaining momentum. This has prompted an enhanced consumer sentiment. These factors have boosted the morale of different companies ahead of the festive season.
Forecasts of strong sales in the festive season
Certain companies in lifestyle, apparel and fast-moving consumer goods (FMCG) sectors are going ahead with an aggressive festival season sales promotion plan following a positive forecast for the season between September and December, according to a report in The Economic Times.
In addition to that, certain executives of some food and grocery brands are blocking shelf space across retail stores in a bid to gear up for the much-anticipated demand in the coming months.
The report also added that following strong sales during Independence Day and Raksha Bandhan, FMCG companies and retailers have ramped up the offers across physical stores and online retail platforms by close to 8-10% as compared to the same period in the previous year.
Food and confectionary giant Mondelez and jewellery retailer Tanishq have also rolled out special campaigns to make most of the positive consumer sentiment. Apart from that, they have also augmented their inventory at retailers, have booked premium spaces and are introducing new products ahead of the festive season.
Faster recovery in 2021
Various companies are optimistic at the speed of the rebound after the distressing second wave of the Covid-19 pandemic, according to a report in the Mint. The companies witnessed a much faster rebound in demand after the second wave as compared to the last year, the report added.
The festive season of 2021 could outdo the pre-pandemic period of 2019 if the situation keeps on improving, the report said, quoting an executive of Vijay Sales, a retail consumer appliances chain.
Panasonic India is seeing a gradual rise in demand for smart TVs, ACs, refrigerators, washing machines and other home appliances. The company expects to exceed the sales figures of 2019 if the current trend continues; the report mentioned quoting Panasonic India president and CEO Manish Sharma.