A fresh report has revealed that one in every three smartphone users will be cutting down their spendings by up to 20 percent for the purchase of their next smartphone.
The report arrives from Counterpoint Research, a known analytical firm. According to their findings, the primary reason for the lowered spending is the ongoing Coronavirus pandemic. At the moment, various industries and economies have taken a sizeable hit, with consumer expenditure seeing a significant decline during this time.
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This overall translates to a negative trend for the smartphone industry and its total annual sales figures for 2020. The study was conducted over the US, UK, India, France, Germany, Spain, and Italy and found a few interesting aspects. Countries like India, Spain, and Italy had a majority of people planning on waiting before purchasing a new handset. On the other hand, regions like the US had a minority of those that are planning on delaying buying a smartphone.
According to Pavel Naiya, a Senior Analyst, “The coronavirus outbreak and future income uncertainty has affected consumer behavior with many strictly limiting purchasing to only the essentials. Smartphone consumers from Spain and Italy are the most affected. Consumers intending to cut their future smartphone purchase budget by 20% or more are highest in Spain (27%) and Italy (25%), followed by the USA (24%). Looking at the current circumstances, we expect this trend will continue until mid-2021.”
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(Source)
