SIGNIFY announced that it will adjust the price of some lighting products from June 1, according to different product categories, the price increase is 3-9%.

In an email to customers, SIGNIFY said it decided to raise the prices of its professional lighting portfolio effective June 1, 2021, due to increasing cost pressures from supply chains such as raw materials and logistics.

Among them, LED lamp prices rose 3%;

The price of conventional fluorescent lamps rose by 5%;

Luminaire prices rose by an average of 6%;

LED electronics prices rose by an average of 9%;

Prices of light and electronic products rose by an average of 8%.

The revised price list will be published on or before May 1.

For the US market, SIGNIFY first announced price increases at the end of December 2020, also for specialty lighting products.

Among them, the price of traditional lamps and lanterns increased by 5% on average;

Prices of lamps, ballasts and Evokits rose by an average of 6%;

LED lights and electronics rose an average of 3%.

In addition to the US market, SIGNIFY subsequently in Taiwan and the Mainland of China also issued a price increase notice.

In Taiwan, Philips special/traditional /LED light source products, Philips LED components, lamps and other products have been increasing prices since February 1st.

On the mainland, suggested retail prices for some Philips traditional lighting and empty package lighting product lines will increase from March 5, 2021, with price increases ranging from 5 to 17%.

Lighting industry to rise in price twice?

Starting from the end of 2020, international lighting manufacturers are the first to issue price increase notices under the influence of many factors, such as increased raw material costs and transportation costs, tight global supply and increased foreign exchange rate pressure.

Since March, Foshan Lighting, Opple Lighting, PAK Aurora, CIDUN Lighting and other domestic lighting related enterprises have also followed up.

For example, Foshan Lighting from March 6, March 16 to increase the sales prices of LED and traditional products in batches;

Opple Lighting product prices will be adjusted by 8-12% from April 1;

CIDUN Lighting also adjusted its product prices from April 1, with an overall increase of 8 to 15%.

Among them, the business according to product prices rose about 10%.

SIGNIFY adjust the price again, does it means that the lighting industry two rising tide to come?

From the public information, the second price increase announced by the lighting enterprises only SIGNIFY, the future of other lighting enterprises may follow up.

For now, it's a safe bet that prices will continue to rise this year.

According to LEDinside, an optoelectronics research unit of TrendForce Consulting, the rising cost of raw materials and other factors are a trend for all industries.

In the short term, product price increases will affect product sales, manufacturers may face the risk of inventory increase, revenue and profit decline.

In the long term, the price increase will help drive the industry's further transformation to digital smart lighting to some extent.

From this point of view, the added value of products will be improved, and the competitiveness and comprehensive profitability of manufacturers will be enhanced accordingly.

At the same time, consumers have already begun to pay more attention to the quality of products. With the increase of market prices, consumers will have higher and higher requirements for the quality of light, which will also drive manufacturers to accelerate the upgrading of product structure and develop towards the application field of high gross profit.