Luxury lift: Sales of smartphones over Rs 1 lakh surge, buck mkt trend

Despite the hefty price tags, demand among consumers for smartphones priced at Rs 1 lakh or above is on the rise, bolstered by rising average selling prices (ASPs), better financing options and a wider portfolio of products.

Although this segment currently makes up just one per cent of the overall market, it is growing faster than other categories. This comes when growth in the overall market remains muted.
 

Shipment of handsets priced higher than Rs 1 lakh surged by 20 per cent and 10 per cent year-on-year (Y-o-Y) in the first and second quarters (Q1 and Q2)