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Market trackers expect the average selling prices (ASP) to rise by 10% on-year during the festive season which also coincides with the Cricket World Cup this time. That said, affordable 5G smartphones under Rs 15,000 are also expected to drive volumes.
The premium smartphone segment is expected to experience strong growth during the festive season, with distribution channels and financial institutions offering discounts and attractive offers. Shipments are predicted to rise 7% year-on-year, with average selling prices expected to increase by 10%. Affordable 5G smartphones under Rs 15,000 are also projected to drive volumes.
Although this was the fourth consecutive quarterly decline for the overall market, the premium smartphone segment (above Rs 30,000) grew 112% on-year to contribute a record 17% of overall shipments, according to a new report from Counterpoint Research.
The research firm said offline sales channels has been growing and is expected to rise to 54% in 2023, with online-heavy brands such as Xiaomi, Realme, and OnePlus now emphasising offline expansion. Omni-channel brands like Samsung and Apple are also increasing their offline presence to cater to a diverse consumer preferences.