The Korean giant claims that the segment of budget devices will sag the most.
Bloomberg writes that Korean company Samsung, one of the world’s largest smartphone makers, expects the smartphone market to drop significantly this year. The company’s analysts say that even the relaxation of anti-COVID restrictions in China will not save the situation.
The South Korean producer points out that the business environment deteriorated significantly in the last quarter of last year. This is due to the rise in inflation and interest rates, as well as geopolitical tensions around the world.
“Against protracted geopolitical challenges, continued inflation and continued economic downturn, we expect the smartphone market to contract in 2023 and the mass market to take the hardest hit,” Samsung Vice President Daniel Araujo told reporters.
According to him, mobile device manufacturers will suffer the most from the above factors. After all, an unstable economy plays an important role in helping consumers start saving more. Not everyone wants to buy a smartphone today, as the old models did an excellent job at all tasks. That’s why people prefer to spend less to update their smartphone models.
It can be hoped that the anti-COVID restrictions eased by China will still play a positive role in sales growth, but this is clearly not enough, so the smartphone market is expected to decline significantly.
Previously Focus presented the most popular phones in the world: TOP-5 models bought by millions.
Source: Focus
Ashley Fitzgerald is an accomplished journalist in the field of technology. She currently works as a writer at 24 news breaker. With a deep understanding of the latest technology developments, Ashley’s writing provides readers with insightful analysis and unique perspectives on the industry.