IDC reports that global smartphone shipments declined significantly in 2022, with the fourth quarter seeing the largest-ever drop of 18.3 percent year-over-year.
This dampened demand, economic uncertainties and inflation all contributed to an 11.3 percent drop in total shipments for the entire year. The year 2022 ended with shipments of 1.21 billion units, the lowest since 2013.
Chinese vendors suffered major losses, while even Apple suffered setbacks due to unforeseen lockdowns at its Chinese factories.
Vendors are now becoming increasingly cautious and are realigning their focus on profitability.
Generous trade-in offers and promotions are expected to continue into 2023, which is set to be a year of caution as vendors rethink their portfolios and channels think twice before taking on excess inventory.
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