China's smartphone sales fell 10% YoY during this year's 618 e-commerce festival
The annual 618 e-commerce festival in China, which ran from May 31 to June 18 this year and provides an important indicator for predicting consumer sentiment in China, witnessed a decrease in smartphone sales year on year.
According to Counterpoint Research analyst Mengmeng Zhang, discounts and promotions during the 618 period helped lift China’s smartphone market from its low in April and May, with smartphone sales during the first week of 618 (May 30-June 5) increasing 32% compared to May 23-May 29.
However, total smartphone sales during the 618 period were still down about 10% compared to last year, indicating that the overall consumer appetite for smartphones was hurt by the repeated COVID-19 waves and a slowing economy, says Zhang.
