Major smartphone brands in India are set to launch numerous discounted schemes and clear out inventory through clearance sales amid the muted sales growth of entry-level and mid-range smartphones. The country's fiscal Q1 2023 saw sales decline an unprecedented 16-20% YoY. Following this, most top brands including Xiaomi, Apple, Vivo, Realme, and OnePlus are offering significant discounts on both new and older models. Experts have noted that this is aimed at driving demand and clearing out inventory to prepare for the festive season. However, IDC India expects India's smartphone market to stay flat year on year in 2023, and many offline retailers are apprehensive as the period of steep discounts approaches.
