Smartphone Sales in India to Hit Record $7.7 Billion During Festive Season of 2022: Counterpoint

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Smartphone sales during the festive season go up tremendously in India during the festive season. The additional discounts and offers provided by the brands and retailers (offline and online) help in pushing the sales figure up. Amazon and Flipkart have already announced some great offers for smartphones for the 2022 sale on their platform. The smartphone sales in India are expected to hit a record $7.7 billion during the festive season of 2022. The festive season will end with the Diwali sale.

Prachir Singh, a senior analyst at Counterpoint, shared that over 20% of the annual smartphone sales happen during the four to five weeks period in India. Singh shared that estimates suggest a 9% YoY decline in terms of smartphone unit sales as the same trend was noticed in China, where the unit sales declined by 10% YoY. The analyst also said that India is going into this festive season with the highest ever channel inventory of more than 10 weeks.

Counterpoint
Source: Counterpoint Research India Festive Season Tracker, 2022

Average Selling Price (ASP) of Smartphones in India to Go Up to Highest Ever Level in India

Tarun Pathak, Research Director at Counterpoint, shared that the average selling price (ASP) of smartphones will be the highest ever and may record a 12% to 15% YoY growth, and consumer demand for mid-tier and premium segment smartphones is going to be high.

Counterpoint Pathak
Source: Counterpoint Research India Festive Season Tracker, 2022

“The various promotions and offers targeting the >INR 15,000 segments have already been announced by the brands and channels on social media. The increasing affordability of these devices due to promotions and offers will drive their sales. This will be further supported by the 4G-to-5G migration. According to our estimates, one out of every three smartphones sold during the festive season will be a 5G smartphone,” said Pathak.