Demonetisation effect: Sales of TVs, refrigerators may take 70% hit

As demonetisation of Rs 500 and Rs 1,000 currency notes comes into effect, sales of consumer goods manufactueres such as TVs and refrigerators may take a hit by 70 percent

Zee Media Bureau

New Delhi: As demonetisation of Rs 500 and Rs 1,000 currency notes comes into effect, sales of consumer goods manufacturers such as TVs and refrigerators may take a hit by 70 percent, as per a report published by the Economic Times.

The reports claims that with scrapping of these notes and restriction of daily cash withdrawal, the sales of these items will be affected.

Consumer goods market is predominantly driven by cash and hence, such a move can hit its profits at leastfor the coming six months.

Even eating joints and malls may take a hit due to the demonetisation effect since people will carry less cash in pockets.