What They Say
Counterpoint Research said that sales of smartphones on Chinas’ Singles’ Day on 11/11 were down 11% YoY as a result of the strict Covid-19 lockdowns. Apple was the main winner with the biggest discount for some years with the iPhone 14 getting below last year’s iPhone 13 offer while Xiaomi had the biggest promotions on the Android side.
Xiaomi’s sales rose on weekly basis but still dropped around 17% from last year’s comparable period.
What We Think
At some point, the Chinese authorities will have to relax their lockdown. Like those that have based their identities on other political beliefs and policies, leaders will have real trouble backing down from today’s situation, it seems to me. (BR)
