With Filipinos’ continued fascination with iPhone’s best features, Home Credit Philippines (HCPH) is forecasting that its sales for the smartphone brand will balloon to P10 billion toward the end of 2024.
According to HCPH, the said forecast is a 66 percent increase from its 2023 sales of P6 billion, making the iPhone the top cellular phone model sold by the company for two years in a row.
The forecasted surge is based on Home Credit’s strong sales from the previous year and the excitement surrounding Apple’s latest iPhone model releases.
Based on the company’s recent sales report, the steady growth represents an average of 250 percent year-on-year sales increase since Home Credit started financing iPhones in 2013.
iPhone popularity
Among the factors that drive sales is the growing popularity of iPhones among Filipinos, whether for personal or professional use.
Known for its cutting-edge technology and premium quality that solidifies its standing as one of the best smartphones on the market, the demand for iPhones, according to Home Credit’s sales data, has surged since 2021, with sales increasing more than sevenfold, from over 21,000 units amounting to P861 million sold in 2021 to nearly 150,000 units amounting to P6 billion in 2023.
On average, over 400 iPhones were sold daily last year via Home Credit financing.
Currently, Home Credit’s total number of iPhone units financed stands at 445,000 units, amounting to P17 billion worth of sales, with the iPhone 11 as the best-selling model, accounting for 186,000 units sold and P5.8 billion worth of sales.
“Filipinos are always searching for high-quality, durable smartphones that can meet their everyday needs, from managing daily tasks to providing entertainment after a long day. Apple has consistently delivered on this through its ever-evolving iPhone models, making it a trusted choice for Filipino consumers,” Puneet Suneja, chief sales officer of HCPH said.
Strong demand for iPhones
“Our sales figures reflect the strong demand for iPhones in the Philippines, and the progression of the mass segment’s aspirations. Those who were previously content with mid-tier phones are now earnest in purchasing an iPhone because of flexible plans that allow them to get them for just P50-P60 per day,” he added.
As the Filipino’s financial ally, HCPH has made it easier for all Filipinos to own their dream iPhones by offering 0 percent interest deals and a variety of flexible installment plans from six to 24 months. These financing options provide customers with the opportunity to have their perfect digital partner without financial strain.
“At Home Credit, we believe that Filipinos deserve access to top-tier devices they can depend on for their digital needs. As their financial partner, we are committed to offering innovative financing solutions that make iPhones available to everyone. This allows our customers to enjoy powerful and reliable smartphones without placing a heavy burden on their wallets,” Suneja concluded.