According to Counterpoint Research, the smartphone retail average selling price (ASP) during the on-going festive season has grown by a 12 per cent to reach its highest ever at $242. As per the market tracker firm, the high demand of Apple’s iPhone 14 has enhanced the overall ASP. Moreover, one out of every three handsets sold were 5G.
The company also noted that the consumers across income levels are buying more premium products in consumer electronics, smartphones and fashion in the ongoing festive season with brands, retailers, e-commerce platforms and malls claiming there has been a 12-20 per cent jump in average billing value and shopping ticket sizes over last year.
Meanwhile, industry executives attributed this buoyancy to pent-up demand with consumers going on high ticket purchases ahead of the first Diwali since the Covid- 19 outbreak after holding back on big value purchases since March-April 2022 due to record high inflation, wider penetration of consumer finance schemes at zero interest, normal monsoon and payout of festive bonus by the government.
