Futian District, Shenzhen
Jefferies analysts believe that Apple’s iPhone sales in China will drop greatly in 2024, with a double-digit decline expected. According to a note seen by Bloomberg, industry checks suggest that the rest of the mobile industry grew in December, while Apple had a slow start for the iPhone 15 generation. This has led to a 30% year-on-year decrease for iPhone sales.
In December, Jefferies reported a double-digit decline in Apple’s volumes, with similar expectations for 2024. The note highlighted an increase in discounts on Apple’s smartphone range across many online stores, which analysts believe led to a drop in the average selling price without improving sales volumes.
This note from Jefferies is consistent with the opinions of many analysts who believe that Apple’s sales in China could be in trouble. In October, Piper Sandler lowered its estimates for Apple’s December quarter due to weak iPhone demand in the country, while in November, Ming-Chi Kuo stated that shipments in China decreased more than expected.
On November 11’s Singles Day, a significant sales event in China, Apple’s iPhone sales apparently dropped by 4% compared to the previous year, while Huawei smartphones saw a 66% increase.
