Zhitong Finance and Economics learned that according to the latest China Smartphone Weekly Sales Tracking Report released by Counterpoint Research, China's overall smartphone sales in the first six weeks of 2024 fell by 7% year-on-yearUS), OPPO and Vivo all saw double-digit declines.
Apple's iPhone sales have been underperforming in the first few weeks of the year for several reasons. Mengmeng Zhang, a senior analyst at Counterpoint ResearchFirst of all, it faces fierce competition from Huawei, which has made a strong comeback, in the high-end market, and at the same time is squeezed by aggressive pricing from manufacturers such as OPPO and vivo. Although the iPhone 15 is a great device, it is not a significant upgrade from its predecessor, so consumers are not willing to change it for the time being.
At the same time, it is important to note that the sales volume in the first six weeks of 2023 was unusually high, and the negative impact of the year-over-year comparison was amplified due to production issues in December 2022 that led to a large number of replacement needs being postponed to January 2023.
2024 vs First Six Weeks of 2023 China Weekly Smartphone Sales Share and Growth
Data**: Counterpoint Research China Smartphone Weekly Sales Tracker.
Note: 2023 - January 2 to February 12; 2024 - January 1 to February 11; Original equipment manufacturer (OEM) shares may not add up to 100% due to rounding; Oppo does not include OnePlus phones.
The Huawei Mate 60 series continues to attract and meet strong market demand, becoming one of the few bright spots at the beginning of the year.
Ivan Lam, a senior analyst at Counterpoint Researchsaid consumer confidence needs to rise to stabilize the market, but given everything that's happening right now, especially in the real estate sector, it's going to be a tough challenge. In the case of Apple, there is more room for maneuver in the short term. This weekend's positive ** activity is an example of this.
Overall growth is expected to remain negative in the first quarter of 2024 due to weak consumer spending and fewer new product launches.