Global smartphone demand continues fall as economic woes hit

The global smartphone market had its worst third quarter since 2014 as economic headwinds pushed consumers to delay discretionary purchases like personal electronics.

Shipments of smartphones around the world fell 9% in the three months ended September, extending a decline that’s lasted the entirety of 2022, according to market research firm Canalys. The downward trend in demand is likely to continue for a further nine months, Canalys added.

Interest rate hikes and rising energy prices have dampened consumer appetites this year, with China’s economic slowdown and Covid-19 lockdowns playing a key role in sapping momentum for smartphone sales.