Home Credit Philippines say that smartphones are the most in-demand product for their Filipino customers.
According to the financing company’s Chief Sales Officer, Puneet Suneja, they have financed more than 10.5 million mobile phones in the Philippines since 2013. That’s half of their total sales.
Suneja explained that mobile phones are their most popular products because they have the quickest upgrade lifecycle. That’s the reason why consumers are upgrading their phones every year or two.
Related
- Top 10 best-selling smartphones of 2022
- Refurbished Smartphones: What to Look For, Where to Buy, FAQs
- 5G smartphones in the Philippines
Despite this, market research firm IDC said that the smartphone business in the Philippines experienced its biggest drop of 8.6% in 2022. IDC’s Senior Market Analyst says that this is due to inflation.
Other than phones, Home Credit also noticed a huge increase in demand for laptops during the recent health crisis after both work and education have gone online.
There was also a huge spike in bicycle demand after it became an alternative mode of transportation after the transport system were paralyzed during the health crisis.
Via: PhilStar