Apple Inc (NASDAQ:AAPL, ETR:APC) faced a hefty decline in sales during China’s Singles’ Day, one of the world’s largest shopping events, on growing competition from local rivals.
According to Counterpoint Research, sales of Apple’s smartphones fell by “double-digit percentages” year on year during the event between October 18 and November 10.
Huawei, Apple’s main rival in the region, enjoyed a 7% increase in sales following price cuts.
An “abnormally high” number of rival handsets were also said to have been launched around the event.
“To capitalize on one of the biggest sales festivals of the year, major Chinese original equipment manufacturers, except Huawei, launched their latest flagships ahead of the festival,” Counterpoint noted.
Economic pressures also weighed, causing a 9% in overall smartphone sales during the event, despite promotional activity.
Apple has grappled with mounting competition from the likes of Huawei, prompting a series of discounts in a bid to fuel sales.
Its latest iPhone 16 Pro and iPhone 16 Pro Maxs were the event’s bestsellers, Counterpoint added, despite the drop against last year.