If you were planning on purchasing a TV, or a camera, even a PC in the immediate future (read next month), then it may not be a very good idea, unless you are ready to pay more. Reports and recent trends indicate that the Rupee is volatile, making a hike in the prices of consumer electronic goods, imminent. While that is the case with TV, PC and camera manufacturers, the situation is not any good with smartphone and car makers as even though they are on hold, at the moment, they face constant pressure from market forces to follow suit, reports The Economic Times. “Companies like Samsung, Panasonic, Akai, BlackBerry, Canon, Dell and Acer said they are evaluating price increases of up to 6% across products because most of them have priced their products at Rs 51 against dollar,” added the report
The report further adds that Wednesday saw the Rupee fall to a record low of Rs.53.86 against the US dollar, and although it did recover to close at Rs.53.43 on Thursday, experts watching every move of the market, expect the Rupee to fall further to Rs. 55-56 levels in a matter of weeks. Just how bleak the situation is turning can be assessed from the fact that in just two months, the currency fell almost 10 percent, i.e from Rs.49 to around Rs.53.5.
Falling rupee, rising prices! (Image credit: Getty Images)
Samsung Electronics India, reportedly is holding onto their prices, but is watching the market closely, while phone makers like BlackBerry and Nokia are in a place where a price hike will be imminent should the rupee drop further. Popular camera and printer brand, Canon also has plans to increase the prices of both digital cameras and printers in July, once the current stock is cleared.
The report further quoted Dell India Executive Director and General Manager (consumer and small and medium business) Mahesh Bhalla as saying that they will increase prices to the extent dollar appreciates because most components are imported. If that wasn't bad already, here's more – reportedly, computer shipments, too aren't doing well with the shipments in India 5-6 percent less due to price inflation of hard disk drives and of course, the Rupee.
Quoting Manish Sharma, MD (consumer products) of Panasonic India, the report added, “There are possibilities that the hike may impact consumer sentiments further.” Panasonic India, reportedly are planning a 3-4 percent increase in prices across the range of their products from July. Yet another brand, Akai, too will increase the prices of their products by 5 percent from the next month. “Such is the currency pressure that we will have to take a hit this month since prices have already been fixed for May,” Akai India MD Pranay Dhabhai was quoted as saying by the report.