India's offline market for smartphones grew 44% in the first half of 2022: Report
According to the market research company Gfk's "Consumer Life Study 2022", India's offline smartphone retail sector saw value growth of 44% during the first half of 2022 compared to the same period in 2017.
Offline sales of smartphones costing more than Rs. 20,000 (US$ 245.06) have climbed more than double in the past five years. This year, up to 64% of young people in metropolitan India changed their phones to the newest versions. This tendency is anticipated to be driven between October and December by the holiday season.
According to the report, the offline market contribution of the Rs. 20,000+ (US$ 245.06) price range category increased from just under 17% in 2017 to 40% in the first half of 2022.
Between 2017-21, the average selling price (ASP) of smartphones increased by almost 34%. Up to 62% of Indian consumers desire technology that can predict their needs and provide recommendations for them.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.