The Philippine smartphone market shrank 8.6% in 2022 as a result of inflation, which decreased the purchasing power of consumers, according to the International Data Corp. (IDC).
February 20, 2023 | 8:03 pm
“Though the last quarter in 2022 grew 6.3% quarter over quarter, it registered a 16.3% decline compared to last year as several vendors focused on clearing out inventories rather than bringing in new shipments during the holiday season due to unfavorable market conditions,” the market intelligence firm said in a statement on Feb. 17.
“Both consumer and vendor confidence have been seriously dampened as inflation progressively soared throughout 2022 ending the year at a 14-year high,” IDC Philippines Market Analyst Angela Jenny V. Medez said. “realme maintained the top spot in 2022 by launching several new smartphones in the narzo series to cater to the price-conscious customer, while Transsion was the only company in the Top 5 rankings that registered growth,” the IDC said.
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