May 8, 2023
India: What the smartphone market tells us about its economy
Even as Apple touts India as its next big growth area, clouds are gathering over the country's smartphone market. According to research firm the International Data Corporation, 31m smartphones were shipped in India during the first three months of this year. It also said that India's overall smartphone market will be flat this year after three quarters in a row of falling sales. "The premium segment's share almost doubled" in the first three months of this year compared to a year ago, according to Prachir Singh from technology market research firm Counterpoint. Household spending on goods and services, which had grown 20% year on year in March 2022, has also slowed sharply this year.
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