Demand for smartphones has been held back by economic woes

Mobile phone sales had their worst summer since 2014 and demand is unlikely to improve in the coming months, Canalys said. With a 9% year-over-year decline, the global smartphone market recorded its third consecutive quarter of decline this year.According to this company’s report published on Tuesday. “The unfavorable economic outlook has caused consumers to delay spending on electronics and buy essentials first.”, commented Canalys. Stubborn inflation and the war in Ukraine are threatening several rich countries with a recession in 2023, according to the International Monetary Fund, and general price increases are increasingly weighing on household budgets.

“During the holiday season, consumers who have delayed shopping will be able to count on big promotions and reduced prices on previous years’ models.,” estimates Sanyam Chaurasia of Canalys. “Compared to last year’s strong demand, the holiday season is expected to be slow but solid. However, it will be too early to see a reversal of the trend.predicts the analyst.

In detail, Samsung retained the largest share of the global pie (22%), followed by Apple (18%), the only brand to increase its market share year-on-year, as demand for iPhones remains resilient. But the Californian group has to worry about its new range presented in September. according to the specialized information website The Information, Apple had to reduce the production of iPhone 14+. “We are not surprised as iPhone 14 and iPhone 14+ orders have been weak, while orders for professional models have exceeded our expectations.”CFA analyst Angelo Zino emphasized. “Macroeconomic factors play a role, but we believe Apple’s smartphones will hold up better than competitors.”, he added. South Korean giant Samsung has launched “massive promotional activities” to reduce its inventory, Canalys reports.