Changing aspirations of Indian consumers is helping premium brands such as Apple gain traction in this market. Apple doubled its business in India during the fiscal ended September 2021, according to the company’s Chief Executive Officer Tim Cook.
“We set quarterly records in every geographic segment with strong double-digit growth across the board. During fiscal 2021, we earned nearly one-third of our revenue from emerging markets and doubled our business in India and Vietnam,” Cook said, while announcing the company’s quarterly results.
Record shipments
While the company did not detail India-specific numbers, market research firm Counterpoint Research said Apple, in India, crossed a record two million shipments in the July-September quarter. It was the fastest-growing smartphone brand during this period with 212 per cent YoY growth, gaining a market share of 44 per cent in the premium smartphone market.
Apple led the premium smartphone market (price point of over ₹30,000) and maintained its leading position in the ultra-premium segment (over ₹45,000 or ~$650) with a 74 per cent share.
Said Faisal Kawoosa, Chief Executive Officer of analyst firm techARC: “Consumers saved money out of Covid-19 by curtailing non-essential expenditure throughout the year. Then, sentiments changed and they bought out aspirational things rather than what is essential.”