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India’s Smartphone Market Increases By 8% In Volume With Beginning Of Festivities


New Delhi, Oct 26 (KNN) The overall smartphone market in India saw 8% increase in volume and 25% increase in value terms between the 8 and 15 of October, as per data from Counterpoint Research.

According to the research firm’s statistics, iPhone sales crossed a staggering 1.5 million units during the first week of festive sales.

Shilpi Jain, Sr Analyst, Counterpoint Research noted, “This year festive season sales started from 8th October and what we witnessed that first week of the sale recorded 8% year-on-year growth in volumes and only 5% growth in value. So the consumer sentiment which was low throughout the year, in terms of demand, we witnessed it in smartphone sales, it is back in terms of electronics and not just smartphones, but TV accessories and other electronic appliances also witnessed significant growth during this period.”

An important factor behind this surge is the availability of finance schemes that have made premium devices, like iPhones, more accessible to Indian consumers. Brands like Apple have a special place in the hearts of Indian consumers, and the introduction of these schemes has effectively removed price as a hindrance.

Real estate, an integral part of the Indian festive season, has seen robust growth in leasing and sales. According to a report from CBRE, residential sales recorded a 5% year-on-year increase during the first nine months of 2023, with over 2.3 lakh units sold in the same period.

Abhinav Joshi, Head of Research, India, Middle East & North Africa, at CBRE highlighted the significance of the Navaratri season, saying, “Navaratri is considered an extremely auspicious occasion for people to buy properties. During this time, we also see the developer community becoming very active. These 40-50 days witness the maximum number of launches and robust sales.”

(KNN Bureau)



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