Global smartphone shipments to contract this year amid global economic uncertainty and surging inflation due to the prolonged Ukraine-Russia war, research said.
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Research firm Counterpoint estimated that 1.36 billion smartphones will be shipped globally this year dropping 3% from last year.
“More concerns are spreading centered on China’s prolonged recession and the Ukraine crisis. Therefore, we expect this year’s smartphone market to contract,” Liz Lee, a senior analyst from Counterpoint, said in a release.
China’s COVID-19 forced lockdowns have been slowing down its economy, besides causing a chain reaction across the global economy due to the country’s closed factories and rising logistics costs, Counterpoint noted.
Consumer sentiment has also been hit by global economic uncertainty and surging inflation due to the prolonged Ukraine-Russia war.
Emerging economies will also face inflation due to the US dollar strength amid rising US interest rates, according to the research firm.
