China iPhone's discounts are 'more generous' than those on Android models: Jefferies
China's smartphone volume continued to grow year-over-year following the 618 promotions, driven by generous discounts, Jefferies said in a Sunday note.
“Our industry checks suggest that, YTD, China's smartphone market grew 3%+ YoY, driven by HSD growth in Android+HW, but LDD decline in iPhone,” analysts wrote.Jefferies estimates that Huawei has been the biggest market share gainer year-over-year so far in 2024, while OPPO has lost the most share. iPhone's market share has only declined slightly, by less than one percentage point, year-over-year.
For Android and Huawei devices, discounts generally retreated after 618. Nevertheless, PDD continued to offer significant discounts on the five Android and HW flagship models that Jefferies monitors. Outside of PDD, most platforms have reduced their discounts following the 618 sales event. “That may explain iPhone's continued outperformance against Android+HW. We see that as a strong sign that all smartphone makers are very keen to defend market share at the high end, and high-end models usually have higher GM, which means room for discounting.Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors.
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