In Counterpoint’s 2023 report concerning the global premium smartphone market, a notable projection highlights that China, India, the Middle East, Africa, and Latin America are on the brink of achieving unprecedented sales records in the premium segment. Particularly noteworthy is the anticipation of India becoming the fastest-growing premium market globally. The report underscores that this surge is predominantly fueled by the ultra-premium category, representing smartphones priced at $1,000 and above, constituting more than a third of total premium market sales in 2023.
A discernible shift in consumer buying behavior within the smartphone market is evident. Recognizing the integral role smartphones play in individuals’ lives, consumers express a readiness to invest more in acquiring high-quality devices with extended usage potential. Owning the latest flagship models has transformed into a status symbol for many consumers, especially in emerging markets, where a noticeable trend involves direct transitions from mid-range to premium pricing. Additionally, the growing affordability of these devices is attributed to promotional seasons and the availability of financing options, as highlighted by Mr. Varun Mishra, Senior Analyst at Counterpoint. The report emphasizes that consumers, motivated by a desire for longevity, quality, and status, are inclined to allocate higher budgets to secure technologically advanced and prestigious smartphones.
