China's market turns tough for Apple: iPhone sales plunge by 30% in first week of 2024

A Jefferies report has it that Apple is once again not having a great time in China in terms of iPhone 15 sales.

Reuters cites the analysts’ investigation results which state that iPhone sales in China dropped by 30% in the first week of 2024. This is “adding to signs of growing competitive pressures from domestic rivals” – meaning the still-sanctioned-but-resurrected-phoenix Huawei.

The report has it that the sales drop happened despite tempting discounts of multiple iPhone models at the major Chinese marketplaces. For example, the iPhone 15 Pro and iPhone 15 Pro Max received a 16% price cut on the Pinduoduo platform but didn’t get much attention from January 1 through January 7.

The 30% drop represents an acceleration from the 3% year-over-year decline the Cupertino giant experienced for all of 2023 in its third-largest market, according to Jefferies. Specifically, the 3% decline in the 2023 sales equated to a 0.4% decrease in Apple's market share.

Much of this is because of the Mate 60 series (and specifically the Mate 60 Pro star), launched by Huawei in August 2023. The Mate 60 Pro’s hardware origins are a riddle, wrapped in a mystery, inside an enigma, but it’s still selling great. For the last three months of 2023, Huawei's share in the Chinese smartphone market rose by about 6%, according to the note by Jefferies.

They end their note with a forecast: Apple's shipment volumes will continue declining by double digits in 2024, while Huawei is expected to continue gaining market share.