Samsung claims that inflation has no influence on phone sales income, and 50,000 foldable phone reservations were made in one day

The South Korean electronics giant Samsung believes that the continued concerns about inflation are unlikely to have an adverse effect on the Indian market for mobile phones and adds that it anticipates a solid double-digit increase in revenues this year.

Aditya Babbar, the business's head of product marketing, told PTI that the company had had record pre-bookings from 50,000 customers for its recently announced flip and fold mobile phone models, which range in price from Rs 90,000 to Rs 1.5 lakh.

According to Babbar, "all our internal calculations show that the market will grow at a healthy rate and we will surpass at 2x." He added that the company anticipates the industry to grow in the single digits while setting a double-digit growth objective by value for 2022.

Babbar stated that sales in the premium category alone are expected to increase by 1.5 times over the previous year, but he would not say how many units were sold in 2021.

A downturn in rural demand indicated by consumer goods industries and increasing unemployment, along with high inflation, have raised concerns about the economy's overall consumption story.

Offering simple financing, according to Babbar, is one of the main tactics used by the company to fulfil consumers' ambitions. He said that partnerships with non-bank lenders have ensured that, while more people purchase more expensive phones thanks to the financing, the average retail price at outlets actually increases.

When questioned about the loan book pressures brought on by the selling of mobile phones and the payback rates, he said the company has the finest track record in the sector.

According to him, the company has introduced the most new products in a single year with a total of 16 gadgets across various client categories.

To help boost total sales, the recently introduced premium phones will be stocked in 10,000 stores and sold at 12,000 locations, according to Babbar, who also said that this is a focal area for the company as it looks to broaden its product line.

According to Babbar, the company is also eager to attract customers from competing brands to its ecosystem. He cited the foldable and flip phones as examples, where advance purchase results in significant savings on peripherals like watches and earbuds.

According to Babbar, the business introduced the flip and fold category for the first time in 2019 and is experiencing 16-times growth in the now-mainstream sector.