Economy, Domestic Economy

Home Appliance Market in Despair

Home Appliance Market in DespairHome Appliance Market in Despair

The home appliance market is facing a drastic slump as the products are stocked up in factories while retailers are completely out of business, Mehr News Agency quoted the head of Home Appliance Sellers Union, Mohammad Tahanpour, as saying. Market stagnation and high interest rates offered by banks have put domestic producers in dire straits, which if left unattended, could give rise to other problems such as soaring unemployment and insolvency of domestic production in the very near future, he added. Nevertheless, Tahanpour urged the government not to restrain home appliance imports, as he believes higher competition in the market benefits buyers and sellers alike.