Global economic crisis hit smartphone market hard

Global economic crisis and inflation hit smartphone market really hard. Reports show huge decline.

Ever since coronavirus came into our lives global crisis and inflation started to take place. The economic crisis hit every market possible including smartphone market as well. Reports suggest some serious decline with the sales. During the first three months of the year, Canalys released its preliminary report on the global smartphone market. The situation does not look so good for smartphone market either.

Smartphone market declines fast

smartphone

The rough data indicate that shipments decreased by 12% annually in Q1 2023, marking the fifth consecutive quarter of decline. Due to less interest in the iPhone 14 Pro series, Samsung regained the top spot from Apple, while Xiaomi lost a lot of sales but managed to stay in third place. Analyst Sanyam Chaurasia said that the decline was in line with industry expectations. After coronavirus and Russia-Ukraine war things started to go down for industries. Due to high inflation, consumer demand remained subdued, particularly in the low-end market.

People refrain from buying new products due to prices and choose to use what they have already. It is not certain how long the global crisis will continue yet the effects on the market will continue to stay a bit longer.