Counterpoint: 46% of Indian buyers would pay more for the right phone

Another 29 percent of the roughly 2,100 respondents plan to buy within their original budget or choose a refurbished device, a pattern most common among buyers over 50, the report said.

The remaining 25 percent said they would delay the purchase if their preferred model got pricier. Those consumers intend to keep their current device longer or get it repaired to extend its life, Counterpoint found. The delay behavior is more prevalent among students and homemakers.

The price sensitivity matters because smartphone costs have been rising as manufacturing and component expenses climb. Counterpoint said in June that memory prices helped drive India's biggest June-quarter smartphone shipment decline in six years.