Indians are purchasing TVs which are more expensive than cars

Since the beginning of 2023, the category of TVs has grown by 13%. The purchasing power of Indians has increased in terms of the electronic category, especially in the section of Big Screen-TVs.

The prices of TV markets have increased up to Rs 3-4 lakhs and are still growing to a record of Rs 75 Lakh. This demand took raise during the pandemic of Covid-19 and has changed the entertainment viewpoint of Indians.

GfK India, which is a market researcher has found that the fastest growing segment in the TV market is 65-inch plus, while the demand for previous screens is shrinking rapidly. These big screens have a major contribution of 12% in the overall Television market in the country as compared to pre-Covid. 

LG which is a major brand in the Indian electronic market has sold 15 units of its rollable OLED TV which is one of the most expensive TVs in the whole nation. Since the launch of this Television, the price tag is of Rs 75 Lakh.

Since 20 of its TVs, each costing 20 lakhs, and 10 lakh models, each selling 100 units a month, LG is also at its peak.

“We now sell as many premium large screen televisions in a month as we used to do in a year just before Covid,” LG India business head (home entertainment) Gireesan Gopi said. “Premium televisions have become a part of luxurious lifestyles with a lot of innovation in form and screen. Most consumers also buy them on EMI to improve their Cibil score,” he said.

Nikhil Mathur, Gfk India’s Managing Director, stated that since the popularity of big screens is increasing there is a higher chance of price reductions and entry of affordable companies into the market. 

“The average selling price of this segment has decreased by 24% between 2019 to 2022. With the upcoming festive season and the Cricket World Cup in the second half of the year, we expect positive growth for large screen sizes,” he said.

Fumiyasu Fujimori, managing director of consumer division at Panasonic Life Solutions India, said, the purchasing power of Indians regarding Big screens has increased from 1.7% of its total TV sales in 2019 to 7% now. 

“Technological advancements have greatly improved the visual and audio experience of large-screen models,” Fujimori said. “Also, the availability of content in high definition and 4K formats including movies, sports, and streaming services, has created a demand for larger screens that can fully showcase the richness of such content.”