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| People replacing TVs every 5 yrs: Study | | | Agencies
New Delhi, June 25 : The consumers are replacing their TV sets in four to five years now, which they used to do in nine years before 2008-09 due to evolving lifestyle of consumers with increased income levels and affordability on account of new technology, according to a joint Report of Ernst and Young (E and Y) and Assocham.
The Report said the people are discarding their home appliances and buying new ones in 7-8 years, whereas they used to change those products in 12 years in few years ago.
It said the increased level of income was due to two primary reasons--implementation of 6th pay commission report and enactment of Mahatma Gandhi National Rural Employment Guara-ntee Act (MGNREGA).
As per estimates, MGNREGA alone provided employment opportunities to over 47 million households from fiscal 2008-09 onwards and significantly put purchasing power in hands of individuals. It guarantees 100 days employment in a year with a wage rate of Rs 100 per day.
The execution of 6th pay commission report increased the salaries of nearly five million central government employees by an average of 21 per cent with an additional spend of Rs 15,700 crore for fiscal 2008-09.
The Report, therefore, gives emphasis to manufacturers of televisions and domestic appliances for designing and offering low cost products to a significant market of 121 million households with income levels in the range of 1,500-10,000 dollars.
It also observes that credit purchases account for nearly 20 per cent of the overall consumer appliances sales and this factor has underscored growth in consumer appliances industry over the past decade.
As the rural electrification stands at 76.5 per cent as on March 31, 2010 as per the Central Electricity Authority of India, The Report says it restricts households which can afford electronics and appliances products in unelectrified villages for using them.
The Report also highlights that the electrification of 125,000 villages with 23 million households is also expected by the end of 11th five year plan period under Bharat Nirman Project.
Besides, expansion of rural roads network, increased facilities of irrigation and telephone connectivity would open up markets for consumer electronics and appliances such as televisions, audios, refrigerators, air coolers and air conditioners, concludes the Report.
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