Surge in demand for refurbished equipment

New Delhi : Rise in smartphone prices is attracting Indians towards refurbished phones. As a result, analysts expect the refurbished phone segment to grow by 18% in 2022 as consumers look for cheaper offers, even though overall phone demand has come down.

“Last year, around 55 million refurbished phones were sold in India. This year, that number is expected to increase to around 65 million by the end of 2022,” said Siddharth Surana, Engagement Manager, market researcher RedSeer Consulting, noting that although the growth rate will be slow, it will still mark a healthy growth. . industry.

Furthermore, Glenn Cardoza, a senior analyst at market researcher Counterpoint India, said that the sharp rise in demand last year was due to a pick-up in demand in light of easing concerns related to COVID-19, with the number of refurbished smartphones increasing this year. This can be attributed to the increased selling price of the new smartphones.

According to the quarterly report of International Data Corporation (IDC), the average selling price (ASP) of new phones has increased by 15% in the quarter ended June 30 from a year ago. The firm told that the ASP reached around around 17,000 this year 13,500 last year. However, overall smartphone shipments also declined during this period as brands struggled with supply chain problems.

On the other hand, Nakul Kumar, chief marketing officer and co-founder of refurbished electronics marketplace Cashify, said the ASPs of used equipment has remained largely stagnant over the past year. “If buyers previously had a fixed budget for a phone, they’re willing to spend on a refurbished phone—one that gives them a better feature set than a similarly priced new phone today.”

catch all technology news And updates on Live Mint. download mint news app to receive daily market update & Live business News,


subscribe to mint newspaper

, Enter a valid email

, Thank you for subscribing to our newsletter!

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *