Sunday, July 21, 2024

Indians prefer premium smartphones

Indian consumers are increasingly favoring premium smartphones, marking a shift in buying patterns over the past 12 to 18 months. Brands like Xiaomi, iQOO, and Samsung have observed this change, and with the introduction of 5G smartphones, the perceived value for money has increased. The premium segment, typically in the Rs 50,000+ price range, is experiencing significant growth in India. While Apple and Samsung have traditionally dominated this market, other brands like Vivo, Xiaomi, and Google are offering more options.

With the rising availability of 5G phones, consumers are willing to invest in the latest flagships, even with higher price tags. Attractive financing schemes from brands further facilitate the purchase of phones, including those priced over Rs 70,000, by allowing consumers to pay in small installments. This trend reflects a broader shift seen in the Indian car industry, where consumers show a preference for SUVs over affordable hatchbacks.

India joins regions like the Middle East, China, and Latin America, emerging as a key player in the growth of the premium smartphone segment in the upcoming quarters. The trend suggests a willingness among Indian buyers to spend more for enhanced features and technology in their smartphones.

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