Cricket world cup boosts television sales by 30%

The ongoing cricket world cup has boosted television set sales by 30% in September-October although it fell short of expectation, said Md Abu Tariq Zia Chowdhury, chief marketing officer of Orion Home Appliance Ltd.

Monthly TV sales across the country was hovering at 2 to 2.25 lakh until cricket lovers started to look for a bigger screen LED television in the recent weeks. In October over 3 lakh television sets were sold, he told TBS in an interview on Monday.

However, it could have been much higher if the economic environment were easier. 

"In line with the previous events, we anticipated more demand during the world cup," he said, adding that the previous cricket world cup resulted in a 50% sales boost followed by at least a 100% surge during the football world cup a year ago.

Manufacturers, eying a sales boost during the sports event, came up with 10% to up to 50% discounts, while the inflationary environment that hurt consumers alongside increasing costs for the manufacturers did not help realize the maximum sales potential, according to Chowdhury. 

His company that started manufacturing refrigerators, televisions, air conditioners and small home appliances in 2021 at its state-of-the-art facility in Bhaluka, Mymensingh offered generous discounts—up to 30% and beat the estimated sales hike.

Local and international brands that manufacture or assemble television sets in the country now serve around one third of the market and the rest is under control of the gray market importers, mostly from China.

Chowdhury, like most other electronics marketers, believes that for local manufacturers there is a huge potential for growth as people tend to switch to the next level technology as soon as their purchasing power improves.

For instance, the 32-inch average quality LED TV owners now look for bigger screens, better sound quality, smart features and the android operating system that allows them to enjoy Youtube, Netflix.

LED television market size grew to nearly Tk7,000 crores in the country, while refrigerator and air conditioner market is even bigger.

His company is investing more in each of the segments to attract the repeat purchasers as well as the first time buyers.

"When you upgrade your device it is more about modern technology at an affordable price, while the first time buyers mainly care about the core value at a lucrative price," said the Orion Home Appliance marketing chief.

Having a good traction in the refrigerator, television and kitchen appliances market, he eyes air conditioner as the next bet.

"Air conditioners should outgrow if companies like ours can make modern ones affordable," he added.