November 24, 2022

Samsung sells a record $1.7 billion in phones over India holidays

(Bloomberg) – Samsung Electronics Co. achieved its best ever sales at India’s Diwali festival after demand for consumer electronics held up well despite rising inflation.

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The Korean company sold 144 billion rupees ($1.7 billion) worth of smartphones in the roughly two months that make up India‘s busiest shopping season, often an indicator of wider domestic consumption . Sales increased on all models, from the Flip and Fold to the flagship S22, Aditya Babbar, product marketing manager for Samsung’s mobile business in India, told Bloomberg News.

“It was our best selling Diwali,” the executive said, without offering a comparison.

Apple’s sales in value over the same period would likely have been similar to Samsung’s, while others like Xiaomi Corp. and Vivo shouldn’t have been too far behind, said IDC India’s Navkendar Singh.

Read more: India’s economy lights up at peak demand during festive season

Samsung, once the undisputed leader in India’s nascent smartphone market, is facing increasing competition from Chinese brands such as Xiaomi, Oppo and Vivo, which sell seven out of ten devices in the country.

To regain traction, the Korean company expanded a consumer credit program it launched in India three years ago, unveiled a credit card in partnership with a bank and aggressively pushed sales through its own stores in line.

Smartphone shipments in India were down 11% in the September quarter, according to technology researcher Counterpoint. But Samsung was the only brand in the top five to record year-on-year growth, the research firm said.

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