Smartphone, AC sales spring back in Q4
«Demand has improved across categories including the entry products and rural markets like UP, Rajasthan, Madhya Pradesh and Bihar after a long time,» said Haier India president Satish NS. «These markets were earlier struggling to meet sales targets but now easily achieving them.»
As per preliminary estimates by smartphone industry market tracker Counterpoint Research, the smartphone market grew by about 8% in the last quarter — one of the highest quarterly growths in recent times. In January-March 2023, the market had declined by 19% year-on-year. To be sure, the smartphone market growth rate in preceding October-December period was higher at 25% year-on-year but that was due to festive season shifting by a month and therefore a weak base period. But overall smartphone shipments in India had remained flat in calendar 2023.
Industry executives said sales of cooling products like ACs and refrigerators grew in double digits in the category’s crucial January to March period after two years, compared to 6% last year.
First-time Buyers Make a Return
Volume sales, or number of units sold, grew by 11-12% this year with brisk demand due to high temperatures since March in south led by Bengaluru and east, and retailers buying large stocks with various weather projections indicating a hotter summer this year.
Godrej Appliances business head Kamal Nandi said first-time buyers are making a return after almost four years since the pandemic began due to the extreme weather projections, which is improving sales of mass
