The global demand for smartphones has reportedly declined in the third quarter of the year for the first time since 2014. Shipments of smartphones around the world fell by 9 per cent in the third quarter of the year, continuing the decline that has lasted all through the year. Market analysts say that this trend is likely to continue for the next nine months.
What’s more
A breakdown of the mobile company’s performance reveals that Samsung leads the smartphone market by 24 per cent share in Q1 2022, a 5 per cent increase from 19 per cent in Q4 2021. Apple is in second place with 18 per cent, following the strong performance of its iPhone 13 series. Xiaomi is in third due to the performance of its Redmi Note series. OPPO (including OnePlus) and Vivo came fourth and fifth with 10 per cent and 8 per cent, respectively.
Why it matters
Following the hike in global inflation rates, interest rates, and energy prices, global consumers are taking a conservative approach to spending. A study showed that Americans buy less food at supermarkets to increase savings.
The big picture
The conservative approaches of consumers would continue to grow as interest rate, inflation rate, food prices and other financial indicators continue to rise. Consumers would continue to tilt towards savings rather than spending. Unfortunately, this spending habit cuts across almost all sectors.