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What economic slowdown? Samsung Galaxy Fold, worth Rs 1.65 lakh, sold out in 30 minutes again

Samsung unveiled the Galaxy Fold smartphone during the Samsung Unpacked launch event. Photographer: David Paul Morris/Bloomberg

While India is evidently undergoing an economic slowdown, with the GDP in the first quarter of the fiscal year 2019-20 reported at 5 per cent – the lowest in last six years, it is an ordinary indication of decline in consumer expenditure. This is also one of the signs where customers are likely to settle for cost-effective products to meet their demands. But it is an entirely opposite picture in India’s smartphone market. Consumers are inclining towards high-value smartphones, the latest example of which is the recently announced Samsung Galaxy Fold.

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Samsung’s most ambitious foldable phone was launched for the Indian market earlier this month. As geeky as it seems, it is exorbitantly priced at Rs 1,64,999. It went on sale for the first time last week, where 1,600 Galaxy Fold units were booked within 30 minutes. At its second pre-booking sale that concluded on Friday, October 11, the Galaxy Fold was sold out within 30 minutes on Samsung’s online store, as per the sources familiar with the development. The next pre-booking will start next Friday, October 18 via Samsung online store, according to sources.

For pre-bookings, the customers are needed to pay the full amount upfront, which is Rs 1,64,999. The delivery for the device begins October 20 through a Concierge. The customers will also be entitled for a dedicated 24×7 expert assistance on call, after-sales service, and one year of Infinity Flex Display Protection from Samsung. The splurge on smartphones is conspicuously higher than what consumers are likely spending on other product categories.

Samsung’s Galaxy Fold brings a 7.3-inch Super AMOLED Infinity Flex Display that supports HDR10+. It is powered by the Exynos 9825 processor paired with 12GB of RAM and 512GB of internal storage, which cannot be expanded. There is a total of six cameras on the device – a 12-megapixel wide sensor, a 12-megapixel telephoto sensor, and a 16-megapixel ultra-wide sensor at the back; a combination of 10-megapixel sensor and an 8-megapixel sensor on the main display for selfies; and a 10-megapixel selfie camera on the cover display. It is fuelled by a 4380mAh battery under the hood.

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Source: Financial Express