A Chinese state-owned research company reported that foreign smartphone brands, including Apple's (AAPL, Financial) iPhone, experienced a significant decline in shipments to China, falling 47.4% year-on-year in November. This marks the fourth consecutive month of decrease, with shipments dropping from 5.769 million units a year ago to 3.04 million units. October saw a similar decline of 44.25%, underscoring a downward trend in China's smartphone market, the largest globally.
Apple, the leading foreign smartphone manufacturer in China, is battling economic challenges and domestic rivals like Huawei. Amidst concerns about economic uncertainty and deflation affecting consumer spending, China's consumer prices hit a five-month low in November. In response, Apple launched a rare four-day promotional event in China, offering discounts up to 500 RMB on flagship models to boost sales.
Despite these efforts, Apple's market share dipped in Q2 2024, though it rebounded in Q3. However, Q3 sales were still down 0.3% year-on-year, while Huawei's sales surged by 42%.
