Quarterly global smartphone sales were down compared to the same period last year.
Global smartphone sales this year plummeted to a “gloomy economic outlook”, according to Market Tracker, forcing people to spend their money on essentials instead of the latest gadgets.
Smartphone sales in the most recent quarter fell 9% from the same period a year ago, the lowest since 2014, according to research firm Canalys.
Worldwide smartphone sales in each quarter were lower than in the same period last year.
“The gloomy economic outlook has forced consumers to delay buying electronic hardware and prioritizing other essential spending,” the market tracker said.
Canalys expects this to continue to dampen smartphone sales in the coming year.
“Reducing the risk of stockpiling is a priority for most suppliers given the worsening demand,” said Canalys analyst Amber Liu.
“The pricing strategy for the new product has been carefully crafted to avoid significant backlash from consumers who tend to be very sensitive to price increases, even for Apple.”
Apple’s share of the global smartphone market rose from 15% in the same period a year ago to 18% in the latest quarter, while Samsung’s market share rose 1 percentage point to 22%, Canalys said.
Meanwhile, Apple has assessed demand while delaying production of its recently launched iPhone 14 Plus model, news website The Information reported, citing sources.
CFRA analyst Angelo Zino expects Apple to outperform its competitors, although demand for smartphones has declined due to the widespread economic downturn.
According to Canalys, smartphone sales improved in September due to “aggressive” discounts and promotions.
“Consumers who are procrastinating will expect sharp discounts, bundled promotions and significant price cuts on older devices,” said Sanyam Chaurasia, analyst at Canalys, ahead of the holiday shopping season.