F . CrewSeptember 21, 2022, 14:22:48 IST
In what could be a record for the global smartphone market, India could see smartphone sales reach Rs 61,000 crore in the festive season. The report also claims that 1 out of every 3 smartphones that will be sold during this period will be a 5G-enabled smartphone.
According to a report published by Counterpoint Research, India will witness a huge number of Transactions for smartphones During this holiday season. E-commerce channels such as Flipkart and Amazon are expected to account for 61 percent of total sales, down from 66 percent last year.
The report indicated that the smartphone market in India is entering this festive season with the highest ever channel stock for more than 10 weeks.
“The festive season has been the highlight of the smartphone market in India with nearly 20 per cent of annual sales being generated over four to five weeks. Hence, this festive period is important for all players in the value chain,” said the chief analyst. Brashear Singh.
This year, sales will begin on September 23 with the Great India Festival on Amazon and Big Billion Days on Flipkart.
“According to our forecast, sales of smartphones in the holiday season will be around $7.7 billion, the highest ever. However, we estimate a 9 percent decline year-over-year in terms of shipments. Singh noted a similar trend at the 618 China Festival this year, Shipments are down 10 percent year on year.
The festive shopping season will end with the Diwali sale.
According to Director of Research Tarun Pathak, retail ASP (Average Selling Price), similar to total value, will be the highest ever and may register 12-15 percent year-over-year growth.
Consumer demand is likely to be high, especially in the middle and premium segments. Various promotions and offers targeting Rs 15,000 segments have already been announced by brands and channels on social media.
“Increased affordability of these devices due to promotions will increase their sales. This will be further supported by 4G-to-5G migration. According to our estimates, one in three smartphones sold will be sold during the festive season. To be a 5G smartphonePatak said.
In terms of channels, offline market players pay promotions and offers that are on par with their online counterparts.
The income and budget sectors have seen significant declines in recent quarters. However, we expect these sectors to grow during the festive season, although growth may be limited as consumers in these sectors are being pressured by macroeconomic headwinds.