Business

Premiumization Drove Smartphone Market Growth This Festive Season

According to the GfK report, smartphone sales increased by 40% during Navratra and Dussehra compared to Shradh

Hyderabad/New Delhi, 29 November 2022 – The premium segment of the smartphone market grew faster during the two weeks of Navratri and Dusshera compared to the preceding two weeks of Shraddh, according to the findings of GfK, a global leader in data and analytics. Other segments grew faster during the weeks of Dhanteras and Diwali.

According to the GfK report, smartphone sales increased by 40% during Navratra and Dussehra compared to Shradh (add week). The premium segment and 5G-enabled devices drove the majority of the growth.

5G devices grew by 51% and accounted for 48% of the market during Navratri and Dusshera as compared to 24% contribution during festival period in year 2021. The sales contribution of 5G devices by value was around 75%.

When compared to Navratri and Dusshera weeks, Dhanteras and Diwali saw a 41% increase in smartphone volumes. The sub-15K price segment gained the most, with volumes increasing by more than 50% and contributing 24% to the overall Smartphone category (34% same period in 2021).

Anant Jain, Head of Market Intelligence, India at GfK, said: “This festive season, Indian smartphone shoppers were back in action, splurging after the mood-dampening COVID-19 pandemic in previous years. Every year, by the end of September, people do not shop due to Shradh, which is immediately followed by festivities.

That is when people tend to splurge the most. GfK’s weekly report reflects interesting insights into the festive season. The premium smartphone segment during the same time period (₹40K+ segment) grew by 60%. Total smartphone category revenue grew by 38% where 6-6.5″ screen size contributed 54% by value and grew by 41%- during Navratri and Dusshera v/s Shradh season this year.”

On the other hand, the GfK report shows that 4G device sales increased by 48% during dhanteras and Diwali period while 5G only increased by 32%, indicating that manufacturers are clearing 4G-enabled inventory through support schemes. During this period, devices with 6.5-7″ screen size grew faster (61%) and contributed 50% to the overall smartphone category.

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This article was shared with Prittle Prattle News as a Press Release.
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