Smartphones are having a slow year

There is a drop in global consumer demand for smartphones this year, with North America recording the worst quarterly performance for over a decade in Q2 2023, according to technology market analyst firm Canalys.

Smartphone shipments this year are projected to fall 6% globally and 12% in North America alone. In the second quarter of 2023, the number of smartphones sold worldwide went down by 9% to reach 268 million units compared to the same period last year, per Counterpoint Research.

With rising inflation, higher interest rates and increasing prices of food and housing, consumers are thinking twice before buying the latest phones.

Interestingly, the market for premium segment smartphones, costing $1,000 or more, remains robust, while low-end models costing $200 or less are struggling in sales.