The economic turmoil has forced consumers to be more careful with their technology budgets, which is also reflected in the global smartphone market, which recorded the weakest third quarter since 2014 in July-September, – notes Bloomberg, citing Agerpres.

Global smartphone shipments fell 9% between July and September, continuing a downward trend seen throughout 2022, according to research firm Canalys. Canalys analysts add that this downward trend may continue for another nine months.

Rising interest rates and rising energy prices have weighed on consumer appetite this year, while China’s economic slowdown and Covid-19 lockdowns have played a decisive role in reducing smartphone sales. Chinese manufacturers such as Xiaomi Corp., Vivo and Oppo have seen double-digit sales declines this year, with only iPhone sales holding up.

South Korea’s Samsung Electronics Co., which does not have a significant presence in China, maintained its position as the world leader in the smartphone market with a 22 percent share thanks to price cuts and big promotions. The second global company Apple, whose iPhone 14 model was presented in September, managed to increase its market share to 18%, while Chinese manufacturers Oppo and Vivo lost positions in the world market compared to the third quarter of last year.

“As the holiday season approaches, consumers who have delayed shopping are expecting significant price discounts as well as package deals. Compared to the strong period at the end of last year, we expect lower sales this year,” said Canalys analyst Sanyam Chaurasia.

Although Apple was the main smartphone maker that increased its market share in the third quarter, the American group decided to abandon previous plans to increase production of the iPhone 14 series phones, Bloomberg News showed.