The Philippine smartphone market declined for the fifth straight quarter in July to September as distributors selected to clear inventories and inflation hit spending patterns, knowledge launched by the International Data Corp. (IDC) on Wednesday confirmed.
IDC’s Quarterly Mobile Phone Tracker confirmed that shipments into the Philippines stood at 3.9 million items within the third quarter, reflecting a quarter-on-quarter drop of 8% and an annual decline of 6.8%.
“The Philippine smartphone market quickly shrank in the third quarter as inflation accelerated, further aggravated by recent typhoons, hurting both consumers and vendors,” IDC Philippines senior market analyst Angela Mendez stated in an announcement.
Inflation has continued its uptrend for a lot of the 12 months, hitting historic highs within the third quarter—6.4% in July, 6.3% in August, and 6.9% in September.
It has since accelerated to 7.7% in October, the quickest in almost 14 years or since December 2008, on the top of the worldwide monetary disaster.
Broken down when it comes to market share, Realme accounted for 23.4%, adopted by Transsion with 15.8%, Samsung with 15.6%, OPPO with 15.5%, Vivo with 13.2%, and different firms with 16.6%.
The extremely low-end market, or these with items valued at lower than $100, posted double-digit development through the quarter, up 20.7% from the earlier quarter and 21.3% year-on-year.
Moving ahead, Mendez stated the market might see one other deceleration within the final three months of the 12 months, regardless of this being the height gross sales interval for smartphones.
“[A]s inflation is expected to linger and peak towards the end of the year, we anticipate an annual shipment decline towards the end of 2022 as vendors will lower targets for the upcoming holiday season by controlling inventories and increasing prices for newer models to counter the depreciating currency,” she stated.
The BSP revised its inflation outlook for the 12 months in September to five.6% from 5.4% beforehand, given the permitted fare will increase for many types of land transportation. — VBL, GMA Integrated News
