A 15-20 percent growth has been registered by Vijay Sales in the sales of air conditioners over the last few months, said Nilesh Gupta, managing partner at the company, adding that refrigerators too registered a 20 percent growth.
Gupta, along with Achal Bakeri, chairman and managing director of Symphony, discussed with CNBC-TV18, about the latest happenings in the consumer durable space as India grapples with heatwaves, with temperatures soaring as high as 50-degree Celsius in some parts.
Gupta said that consumer finance space has been growing consistently for the last 3-4 years. "Right now around 70-75 percent people buy on consumer finance," said Gupta.
Bakeri said that the company is not impacted by the slowdown in the economy as the summer sales have been "exceptional" due to high temperatures.
“Overall sentiment in the channel is very positive and we are less impacted by the economy and more by the temperature. So even if the economy is growing at whatever percent and temperature is not high enough, coolers won’t sell. If the economy is not growing and if the temperatures are high, coolers will sell,” added Bakeri.