Samsung Electronics Co. had its best-ever Diwali festival sales in India, as demand for consumer electronics remained strong despite rising inflation.
Samsung Electronics Co. had its best-ever Diwali festival sales in India, as demand for consumer electronics remained strong despite rising inflation.
Samsung sold 144 billion rupees ($1.7 billion) of smartphones in India's most important shopping season, often an indicator of broader domestic consumption. Sales rose across models from the Flip and Fold to the flagship S22, Aditya Babbar, head of product marketing at Samsung's India mobile business, told Bloomberg News.
The executive said that this was the best Diwali sale ever, without offering a comparison.
Apple sales are likely to have been similar to Samsung's by value, while others like Xiaomi Corp. and Vivo shouldn't have been too far behind, said Navkendar Singh of IDC India.
According to a survey conducted by the Reserve Bank of India (RBI), households are seeing a rise in their spending. This is likely due to a number of factors, including increased disposable income and a growing economy. RBI surveys are conducted periodically in order to gauge the health of the economy and provide valuable insights into consumer behavior.
Samsung, which was once the unrivaled leader in India's fledgling smartphone market, has grappled with stiffening competition from Chinese brands such as Xiaomi, Oppo, and Vivo. These brands now sell seven out of every ten devices in the country.
In order to regain ground, the Korean company expanded a consumer credit program it launched in India three years ago. The company also unveiled a credit card in partnership with a bank, and aggressively pushed sales via its own online stores.
According to tech researcher Counterpoint, India’s smartphone shipments declined 11% in the September quarter. However, Samsung was the only brand among the top five to clock annual growth, the research firm said.
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