As the festive season of 2024 approaches, one question looms large: Are you ready to grab the best deals? This year, there will be a boom in demand for electronics such as smartphones, smartwatches, headphones, cameras, laptops, tablets, and many more. With Flipkart’s Big Billion Day and Amazon’s Great Indian Festival kicking off on September 26, e-commerce giants are set to break sales records, particularly in the smartphone category.
CyberMedia Research (CMR) predicts an impressive 8-10% YoY growth in smartphone sales volume and an 18-20% YoY surge in market value. Premiumization will drive this growth as Indians’ buying power has grown significantly in recent years. With attractive EMI offers and discounts, consumers are not shying away from spending thousands and lakhs on high-end devices.
Surge in Premium Smartphone Sales
Interestingly, premium smartphone sales are expected to soar by 56% YoY during the upcoming festive season sale. The super-premium and Uber-premium segments are estimated to see even more impressive growth, at 59% and a staggering 131% YoY, respectively. This surge is largely driven by the rapid expansion of 5G technology, which has become a key selling point for high-end devices. According to Techarc, 80% of all smartphones sold in India during the second half of 2024 (July-December) will be 5G-enabled.
The launch of the Apple iPhone 16 series and huge discounts on older iPhone models are further expected to drive a surge in sales within the premium smartphone segment during the festive season.
With an estimated 100 million smartphones expected to be sold in the second half of 2024, an impressive 65% of these sales are projected to take place during the festive season alone. This surge will push the total annual smartphone sales for the year to 155-158 million units, marking a 7-9% increase in volume compared to the previous year.
The Hottest Gadgets on Consumers’ Wishlists
According to a survey by Counterpoint Research, smartwatches top the wishlist of consumers for the upcoming festive season.
A whopping 61% of respondents expressed interest in buying a smartwatch, making it the most sought-after electronic item. Headphones and laptops also garnered significant attention, with 58% and 57% of respondents planning to purchase them, respectively.
In terms of price preferences:
- When it comes to smartwatches, half of the respondents are looking for models priced between INR 3,000 and INR 10,000, while only 13% would be willing to spend over INR 10,000. Samsung, Apple, and BoAt are the top three preferred brands.
- A whopping 57% of surveyed consumers prefer laptops priced between INR 35,000 and INR 70,000, while 19% lean toward higher-end options between INR 70,001 and INR 1,00,000 bracket. HP, Dell, and Apple emerged as the top three brands preferred by consumers.
- Despite the popularity of large-screen smartphones and compact laptops, tablets continue to attract attention. A significant 63% of respondents prefer tablets priced between INR 10,000 and INR 35,000, while 22% are eyeing models between INR 35,001 and INR 50,000. The leading brands for tablets are Samsung, Apple, and Lenovo.
- In the headphones category, 60% of surveyed consumers are interested in models priced between INR 1,000 and INR 3,000, while 18% are willing to spend between INR 3,001 and INR 5,000. On the other hand, 8% expressed interest in more premium options priced above INR 5,000 during the upcoming festive season sale in India. boAt, Sony, and JBL stand out as the most favoured brands.
Amazon Remains the Most Favorite
Among all e-commerce and brand websites, Amazon continues to be India’s favourite and go-to platform for online shopping.
A recent Counterpoint Research survey revealed that 61% of surveyed consumers ranked Amazon as their top choice for purchasing electronics this festive season.
The survey highlights Amazon’s strengths across several key attributes, including trust in the platform (61%), faster and reliable delivery (60%), membership offers (59%), availability of the latest devices (58%), product variety (58%), product variety (58%), no-cost EMI (57%), return/replacement policy (57%), and attractive deals and offers (55%).
In comparison, Flipkart trailed with an overall preference rate of just 32%, indicating a significant gap between the two platforms.
Interestingly, these e-commerce companies and online sellers are expected to ship merchandise worth a whopping $12 billion to consumers in India this festive season sale, an increase of 23% YoY, according to Datum Intelligence.
As the 2024 festive season nears, India is ready to make the most of it by keeping an eye on both online and offline offers and discounts on electronic products. Companies and e-commerce platforms are leaving no stone unturned to capitalize on the rising demand for these gadgets and drive substantial revenue.
