The price hike has spread to the lighting industry. In foreign markets, companies such as Cooper Lighting Solutions, Maxlite, TCP, Signify, Acuity, QSSI, Hubbell and GE Current have announced price increases some time ago.
The number of companies in the domestic lighting-related industries that have announced price increases is also increasing. Now, the world's leading lighting brand Signify has also begun to adjust the prices of products on the Chinese market.
On February 26, Signify (China) Investment Co., Ltd. issued a 2021 Philips brand product price adjustment notice to regional offices and various channel distributors and end users, raising the prices of some products by 5%-17%.
The notice stated that as the global new crown epidemic continues to spread, all major commodities in circulation are facing price increases and supply pressures. As an important production and living material, the cost of lighting products has also been greatly affected. Unbalanced supply and demand have caused the price increase of various raw materials such as polycarbonate and alloy involved in the production of lighting products and the general increase in international transportation costs. The superposition of these multiple factors has caused a greater cost of the company’s light sources and lighting products. Influence.
Therefore, the company decided to adjust the suggested retail prices of the following traditional lighting and empty-package lighting product lines from March 5, 2021 for reference.
Due to the rising prices of raw materials such as copper, iron, aluminum, and plastics, as well as the decline in terminal inventories and the warming of demand, the LED industry has set off a wave of price increases. Signify raises prices, and other domestic brands are expected to follow suit.
