Remember when a Rs 5,000 phone seemed expensive? We are definitely not living in those days.
A recent Counterpoint Research report, which surveyed 800 people in India, reveals that 50 percent of smartphone buyers in India now feel comfortable spending Rs 40,000 or slightly more.
Further, one in every five customers is interested in spending more than Rs 60,000 on a phone. Around eight percent of the lot indicated their interest in spending Rs 80,000 or more (we know who you are. Tim Cook says thank you!).
The data also revealed that the replacement cycles have increased. Essentially, people who are using smartphones priced over Rs 20,000, generally stick to the devices for around 25 months.
The report also reveals statistics that estimate the ‘Next Purchase Intention by Current Brand’. Apparently, 32 percent of Samsung users plan to switch their phone in next 6 months, while only 16 percent of them plan to use ot for another 18 to 24 months.
OnePlus users comparatively seem to be divided by an average of 20 percent across categories of users wanting to switch their device in the next six months, to the ones looking for a change in the next two years.
Smartphone buyers in the country are also becoming more picky and demanding. Per the report, a majority of the respondents indicated that dust and water resistance is something that they want in their next smartphone. Almost six out of ten respondents think it is a must-have and are willing to pay for the feature.
The second most appealing feature is an in-display fingerprint sensor, which 41 percent customers voted for.
While we see foldable smartphones picking up as the next big thing in the smartphone world, per the survey, only 22 percent people actually see it as a feature they desire on their next smartphone. Interestingly, the hole punch display camera is also not as popular as you would think.
Tarun Pathak, associate director at Counterpoint Research said, “In-display fingerprint, facial recognition, dual or more cameras, and AI capabilities came up as key features, where almost four out of every ten respondents thought that these are a ‘must have’ in their future premium smartphones. Longer battery life along with fast charging, higher memory storage, new designs, and multiple cameras are the other key features which will influence future purchase decisions. Hole punch displays and foldable displays are yet to make any significant impact on consumers minds in India.”