New Norm Preferences For Phones Costing Rs20+
GFK study shows user looking for tech that understands them
HYDERABAD, Oct 3 (The CONNECT)- Smartphones sales have registered a 44% year-on-year growth during the first half of the current year, according to GfK Market Intelligence Report.
Consumers’ shift back to the pre-pandemic normalcy is one of the main reasons for the uptick as hybrid work culture became the new norm, the report said.
Moreover, India is has begun to return to normalcy 38% faster than the rest of the world, Dheeraj Mukherjee, Head of Sales – India, GfK, explained.
The contribution of the >Rs20K price band category has evolved from approximately 17% in 2017 to 40% in H1’22 in the offline market. This signifies that there is a 2.5X jump in the contribution of +20K handsets from 2017.
The 20k+ price segment shows growth across all cities- with Tier 4 towns witnessing maximum growth in the price segment in H1-2022 vis-à-vis H1-2019 at a staggering 240% growth followed by Tier 3 cities with 186% growth, Tier 2 at 162% growth, and 86% growth in Tier 1 cities. Tiers 5 and above towns and villages witnessed over 120% growth. The contribution in the same time period was led by Tier 1 cities at 59%.
GfK’s Consumer Life Study 2022 shows that 64% likes are seen with the latest tech products. About 46% of the them used an electronic payment service like UPI, Paytm, or GPay. Post-pandemic the element of convenience is a big factor that influences purchase decisions – 62% of Indian consumers want tech which knows them and can make recommendations, thereby making their day-to-day life easier. These trends cumulatively can offer to be a tailwind opportunity for smartphone retailers in the Indian market.
