Counterpoint Research reported on Apple’s (NASDAQ:AAPL) double-digit YOY drop in iPhone sales during China’s Singles’ Day shopping event. Apple’s drop coincides with growing local brand competition where an “abnormally high number” of rivals took part in the two-week shopping extravaganza.
Driven by price reductions on its Pura 70 and Mate 60 models, Huawei Technologies witnessed a 7% sales rise. By comparison, Xiaomi said that sales had dropped 6%. Apple’s iPhone 16 Pro and iPhone 16 Pro Max turned out to be the festival’s top-selling models despite all the difficulties.
Except for Huawei, Counterpoint Research ascribed the market dynamics to early releases of flagship models by key Chinese original equipment manufacturers (OEMs). These introductions hampered previous versions’ sales but boosted younger models.
Reflecting reduced market demand among more general economic concerns, overall festival sales volumes dropped by 9% compared to the same period the previous year. With a 7% rise, Huawei led growth among Chinese OEMs; OPPO and vivo followed.
This article first appeared on GuruFocus.
