It looks like consumers are no longer as interested to buy budget smartphones as before. For the first time ever, premium smartphones contribute 55% of total revenue for smartphone makers globally in 2022.
of 12% year-on-year as the world braces for possible inflation and financial challenges. However, Counterpoint Research has revealed that premium flagship smartphones have been doing very well, contributing not just higher sales but also posting a record contribution of 55% of the total global smartphone market revenue for the first time ever.
In 2022, one out of five smartphones sold is a premium flagship smartphone and these devices contribute more than half of total global smartphone revenue. According to Counterpoint, consumers are ready to spend more on their devices and hold on to them for a longer period. They say this is one of the reasons why the USD 1,000 and above price segment was the fastest growing in 2022. Taking notice of the trend, most smartphone makers have been making more commitments to boost longevity for their devices promising security updates of up to 5 years and major OS updates of up to 4 years.
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