Indian Consumers Lead Global Market in Purchasing Premium Smartphones: These Brands Bring Maximum Satisfaction
Most Indian buyers would rather buy big than splurge on a budget smartphone. The latest industry reports even suggest that India is one of the fastest growing markets for the premium segment, which generally has a price range above Rs 50,000. We’ve seen trends change over the last 12-18 months, with brands like Xiaomi, iQOO and even Samsung noticing the shift in Indian consumer patterns.
India’s premium market is mostly focused on Apple and Samsung for obvious reasons, but other brands like Vivo, Xiaomi and even Google are giving people more options and changes are also expected in the next 12 months. With the launch of 5G smartphones, the expected price-quality ratio product scale has increased.
By this we mean that you will probably need to spend between Rs 5,000 and Rs 10,000 to get a quality phone that would have cost you around Rs 15,000 a few years back. Brands believe that as the availability of 5G phones increases, the budget market will eventually materialize, but people are clearly not waiting now, and are happy to pay big bucks to buy the latest flagships.
It also helps that brands have attractive financing schemes that allow people to buy phones costing more than Rs 70,000 in small installments instead of spending all their money at once.
We have seen similar trends in the automotive industry in India in recent years. The latest reports show that the so-called SUV segment is clearly showing favoritism, while the affordable hatchback market is losing interest as people are happy to pay for extra features and safety.
Coming back to smartphones, India will be part of a list that also includes the Middle East, China and Latin America, which will be strongly involved in the growth of the premium segment in the coming quarters.
