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During the second half of August, sales of groceries, essentials, smartphones and electronics fell sharply as the pent-up demand fizzled out post the Independence day weekend season sale, The Economic Times reported on Friday. According to companies and market research firms, August witnessed a decline of 14% in sales of Fast Moving Consumer Goods (FMCG), while televisions, washing machines and refrigerators saw a fall of 20% as compared to July.
Heavy FMCG stocking in July in the run up to the Independence day sales by kirana shops meant excess inventory post the event, which led to a decline in sales in the second half of the month. For high-end electronic items, lack of online sales events in August and the onset of monsoon in north had triggered the downfall.
In comparison with the year ago period, all categories expanded as several states started unlocking the economy in August due to the dwindling of the second wave of Covid-19. According to the publication, FMCG sales grew by 44% in August, but were no where near to July.
Sales of household appliances contracted by 20% in August from July though Independence day weekend and Onam sales were robust in Kerala. Compared to June, sales had increased by 30-40% in July. In August however, sales grew by 9-10% on YoY basis, the publication said.
Shipments of smartphones to suffer a hit due to lack of containers
Due to the non availability of containers to import components and the closure or restricted operations at ports in China owing to Covid cases, supplies for the electronics and smartphone industry have been hit. There is a looming fear among companies that this may have an impact during the all-important festive season.
According to the International Data Corporation (IDC), July-September smartphone shipments is expected to be around 50 million this year as against 54 million last year due to slowing sales and poor supply of components.
It further said that high-pent up demand in 2020, was not visible this year as the lockdowns in the second wave were not as stringent.