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Chinese consumers are losing interest in the iPhone


November, 28 2024
watermark Economic news

In October, the Chinese market saw a sharp drop in demand for smartphones from foreign brands, including Apple's iPhone. Sales decreased sharply by 44.25% compared to the same month last year, reaching 6.22 million units. In October 2023, this figure was 11.15 million units.


Meanwhile, the total sales of mobile phones in the country increased slightly by 1.8% year-on-year, reaching 29.67 million units.


The situation has become especially difficult for Apple, the leader among foreign manufacturers in the Chinese market. Despite the release of the new iPhone 16 in September, sales were lower than expected.


Many experts attribute this decline to the delayed launch of the long-awaited artificial intelligence feature for the Chinese market. Apple's lack of a confirmed AI partner in China has exacerbated the situation, reducing consumer interest in new devices.


Also, data from the Chinese Academy of Information and Communication Technologies indicate that Chinese consumers are increasingly inclined to devices from domestic manufacturers that demonstrate steady demand.


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Foreign exchange is highly speculative and complex in nature, and may not be suitable for all investors. Forex trading may result in a substantial gain or loss. Therefore, it is not advisable to invest money you cannot afford to lose. Before using the services offered by ForexMart, please acknowledge the risks associated with forex trading. Seek independent financial advice if necessary. Please note that neither past performance nor forecasts are reliable indicators of future results.