China’s market turns tough for Apple: iPhone sales plunge by 30% in first week of 2024

A report from Jefferies indicates that Apple is once again not having a good time in China in terms of iPhone 15 sales.

Reuters cites analyst survey results that indicate iPhone sales in China fell 30% in the first week of 2024. This “comes on top of signs of growing competitive pressures from domestic rivals » – which means the phoenix still sanctioned but resurrected. Huawei.

The report said the decline in sales occurred despite tempting discounts on several iPhone models in major Chinese markets. For example, the iPhone 15 Pro and iPhone 15 Pro Max received a 16% price drop on the Pinduoduo platform, but didn't get much attention from January 1 to 7.

The 30% drop represents an acceleration from the 3% year-over-year decline the Cupertino giant experienced throughout 2023 in its third-largest market, according to Jefferies. Specifically, the 3% decline in sales in 2023 equates to a 0.4% decrease in Apple's market share.

This is largely due to the Mate 60 series (and specifically the star Mate 60 Pro), which Huawei launched in August 2023. The hardware origins of the Mate 60 Pro are an enigma, shrouded in mystery, inside of an enigma, but it still sells. great. In the last three months of 2023, Huawei's share of the Chinese smartphone market increased by around 6%, according to the Jefferies note.

They end their note with a prediction: Apple's shipping volumes will continue to decline by double digits in 2024, while Huawei is expected to continue gaining market share.