Smartphone Sales Slump to Decade Low in Q3 as Consumers Pull Back on Spending

Global smartphone sales fell 8% year-over-year in Q3 2023, the lowest Q3 level in a decade, amid slowing consumer demand.

Apple and Samsung lost market share as sales declined, while Chinese brands gained share.

The top 5 brands accounted for 64% of global sales, down from 68% in 2021.

Q4 sales expected to improve with new iPhones, holidays, and promotions.

Full-year 2023 smartphone sales could hit lowest level in a decade due to shifting replacement patterns.