New Delhi, April 22 -- Indians are holding on to their smartphones for a record period of nearly four years, data from three independent market researchers showed, as exchange offers and interest-free loans fail to offset soaring prices in a challenging economy.

Brands have been nudging buyers towards the premium end, where the average smartphone now costs over Rs.26,000, against Rs.17,000 in 2021. The devices themselves have become sturdier and offer extended software upgrades, making phone purchases more discretionary and less urgent.

"Our business used to thrive on enthusiasts and high net-worth individuals, who would previously upgrade their smartphones every year. Over the past year, we're seeing such buyers also refraining from ma...