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Global Smartphone Demand Continues To Fall As A Result Of The Economic Downturn

Consumer appetites have been dampened this year by interest rate hikes and rising energy prices, with China’s economic slowdown and Covid-19 lockdowns playing a key role in sapping momentum for smartphone sales.

The global smartphone market experienced its worst third quarter since 2014, as economic headwinds forced consumers to postpone discretionary purchases such as personal electronics.
According to market research firm Canalys, smartphone shipments worldwide fell 9% in the three months that ended September, extending a decline that has lasted the entire year of 2022. According to Canalys, the downward trend in demand is likely to continue for another nine months.
Consumer appetites have been dampened this year by interest rate hikes and rising energy prices, with China’s economic slowdown and Covid-19 lockdowns playing a key role in sapping momentum for smartphone sales. Domestic players such as Xiaomi Corp., Vivo, and Oppo have all reported double-digit sales declines this year, with only Apple Inc.’s iPhone demonstrating market resilience.

According to the data, Samsung Electronics Co., which does not have a significant presence in China, maintained its global leadership with 22% of the market, aided by heavy discounts and promotions. Apple, whose iPhone 14 series went on sale in September, increased its share to 18%, while Oppo and Vivo both saw lower shares than the previous year.
“As the holiday season approaches, consumers who have been delaying purchases can expect steep discounts, bundling promotions, and significant price reductions,” Canalys analyst Sanyam Chaurasia said. “In comparison to the previous year’s strong demand period, a slow but steady festive sale is expected” in the fourth quarter.
Despite being the leading market share winner in the third quarter, Apple has abandoned plans to increase production of its iPhone 14 product family, Bloomberg News reported last month.

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