Home ›› 06 Jul 2022 ›› Front
Locally made refrigerator sales have increased by around 30 per cent ahead of Eid-ul-Azha, thanks to consumers’ additional festival income and various discounts offered by companies.
Md Kamruzzaman Kamal, director (marketing) at PRAN-RFL Group, said the two Eid festivals account for almost 60 per cent of the annual refrigerator sales.
“This is because people receive festival bonuses and often spend from that on necessary home appliances. Besides, we are offering many discounts,” he said.
He said their sales had risen by 25 per cent compared to last year. “The capacity of our products ranges from 50 litres to 566 litres. The prices are between Tk 12,900 and Tk 99,900.”
Walton refrigerator sales had gone up by around 20 per cent ahead of Eid-ul-Azha while production rose by 30 per cent compared to the off-peak season, the company’s Chief Business Officer Anisur Rahman Mollick told The Business Post.
“We have more than 200 models, including frost and no frost, freezer, and beverage cooler, with prices ranging between Tk 12,990 and Tk 99,990,” he said.
“We have around 75 per cent of the refrigerator market share in the country. We produce products for consumers of all economic classes,” he added.
Locally made refrigerators now hold more than 80 per cent of the market share, with Walton being the market leader. The annual demand for refrigerators in Bangladesh is more than 40 lakh units.
Among the popular local brands are Walton, Vision, Minister, Myone, Jamuna, and Nova while common foreign brands include Sony, Samsung, Singer, LG, Panasonic, Toshiba, Philips, and Sanyo.
The size of the domestic refrigerator market in 2021 was $779 million, according to data from the Export Promotion Bureau.
On the other hand, Marketing Watch Bangladesh, a research initiative of the marketing department at the University of Dhaka, forecast last year that the local refrigerator market would reach $900 million in 2022, which was $549 million in 2018.
“The refrigerator market size is more than $900 million, and the market is growing by 10-15 per cent per year, thanks to greater electricity coverage and improved communication systems,” said Gouranga Dey, general secretary of Bangladesh Electronics Merchants Association.
He said refrigerators would once be used only in urban areas but rural people now use them more than city residents. “Now it is among the essential household appliances for everyone.”
Md Salim Ullah, director (marketing) at Jamuna Electronics and Automobiles, said the two Eid festivals see almost 60-70 per cent of the annual refrigerator sales.
“The middle class is growing while people’s lifestyle is changing. On the other hand, companies are offering monthly instalment facilities, which is helping increase sales,” he added.
“Eid-ul-Azha is the peak time for refrigerator sales. Our sales have increased by nearly 25 per cent compared to the previous year,” said KMG Kibria, head of brand and communication at Minister Group.
Refrigerator sales usually rise ahead of Eid-ul-Azha as people need more space to store the meat of their sacrificial animals, he added.
Shamsun Nahar, a resident of Dania in the capital, bought a refrigerator recently as the seller offered a discount. She told The Business Post she had already planned the purchase two months ago.
“I was waiting for discounts. I was also waiting for the festival bonus to use that to make the purchase.”
Refrigerator sellers at the Baitul Mukarram and Stadium markets in Dhaka said they were happy to see the boost in sales ahead of Eid but it would fall dramatically after the festival.
Md Rubel went to the Jatrabari market recently to buy a refrigerator. He said, “We are three brothers. We recently started living in separate flats in the same building. Now each of us needs a separate refrigerator.”
Harun, a resident of Khilgaon, said he had bought a refrigerator to avoid going to the kitchen market regularly.
