India smartphone sales projected down 12% as value rises 5%
Business
This festive season, India's smartphone sales are expected to drop by 12%, but interestingly, the overall market value is set to grow by 5%.
Higher memory costs are making phones more expensive, so many people are holding off on upgrades.
As a result, financing and trade-in deals are becoming more important for those looking to switch devices.
Premiumisation reaches tier-2 and tier-3 cities
With fewer first-time buyers and discounts in short supply, most action is coming from existing users upgrading to premium models.
Trade-in activity has picked up: Tarun Pathak, research director at Counterpoint Research, notes the trend is also spreading beyond metros to tier-2 and tier-3 cities, indicating that premiumisation is reaching smaller markets.