Samsung Says Inflation Doesn’t Impact Phone Sales Revenue; 50,000 foldable phone reservations in one day

South Korean electronics giant Samsung said lingering inflation concerns are unlikely to hurt India’s mobile phone business, adding it expects healthy double-digit revenue growth this year.

The company has recorded record pre-bookings of 50,000 customers for its new flip and foldable mobile phone models costing between Rs 90,000 and Rs 1.5 lakh in 24 hours, Aditya Babbar, its head of product marketing, told PTI.

“All of our internal estimates show the market will see healthy growth and we will top at 2x,” Babbar said, adding that he expects the industry to see single-digit growth as it continues to grow. has set a two-digit growth target. in value for 2022.

In the premium category alone, it sees sales growth 1.5 times over last year, Babbar said, but declined to disclose which units it sold in 2021.

High inflation, coupled with other issues such as a slowdown in rural demand reported by consumer goods companies and higher unemployment, has raised concerns about the overall consumer story driving the economy. economy.

Babbar said offering easy financing is one of the biggest strategies adopted by the brand to ensure consumer aspirations are met.

He said ties with non-bank lenders have meant that the average selling price at retail outlets is actually rising as the financing drives many people to buy more expensive phones.

Asked about repayment rates and loan portfolio stress generated by cell phone sales, he said his track record was the best in the industry.

The company launched a total of 16 devices across different customer segments this year, making it the highest number of new launches in a single year, he said.

Newly launched phones in the premium segment will be stocked in 10,000 stores and will be available at 12,000 outlets to help overall sales, Babbar said, adding that it was part of its goal to expand offerings.

It’s also keen to bring users of rival brands into its ecosystem, Babbar said, pointing to foldable and flip-up phone models where pre-booking leads to steep discounts on accessories like watches and buds.

Babbar said the company first launched the flip and fold category in 2019 and has grown 16 times in the category which is now becoming mainstream.

(This story has not been edited by the Devdiscourse team and is auto-generated from a syndicated feed.)

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