Indian Economy News

The start of the festivities creates an 8% volume increase in India's smartphone market: Counterpoint Research

  • IBEF
  • October 27, 2023

According to data from Counterpoint Research, between October 8 and October 15, the Indian smartphone market had a volume growth of 8% and a value gain of 25%. iPhone sales crossed a staggering 1.5 million units during the first week of festive sales.

Ms. Shilpi Jain, Senior Analyst, Counterpoint Research stated that this year's holiday sales began on October 8 and during the first week of the sales, volumes increased by 8% but values only increased by 5% year-over-year (y-o-y). In other words, the year-long negative consumer attitude is returning when it comes to demand for electronics, as evidenced by the sales of smartphones. Not only that, but TV accessories and other electronic equipment also saw notable rise during this time.

The availability of financing plans that have increased Indian customers' access to expensive goods like iPhones is a significant contributing cause to this growth. Indian customers hold a particular place in their hearts for brands like Apple, and the advent of these schemes has virtually eliminated price as a barrier.

Sales and leasing of real estate, which is a major component of the Indian holiday season, have increased significantly. A CBRE analysis states that during the first nine months of 2023, residential sales increased by 5% year over year, with over 2.3 lakh units sold during that time.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.