Sales of Apple’s (AAPL) new iPhone 15 are off to a slow start in China, according to data from Counterpoint Research.
The market research firm says that sales of the iPhone 15 within China are down 4.5% compared with sales of the previous iPhone 14 over their first 17 days of release.
The slump is being blamed on weak consumer spending in China, as well as the rise of rival smartphones from Huawei Technologies and other vendors.
Apple is currently in the midst of the weakest smartphone demand in a decade, as well as a backlash that has arisen following reports that the iPhone 15 is prone to overheating.
With 1.4 billion people, China is a key sales market for Apple and a driver of the company’s global revenue.
If the initial estimates are accurate, they represent one of the iPhone’s worst debuts in China since 2018, which was before the Covid-19 pandemic struck.
However, Counterpoint added that it looks like iPhone 15 sales in the U.S. posted a double-digit rise over 2022 in the first nine days of release, showing strength in the American market.
Slumping sales in China also come after the government in Beijing banned iPhone use among federal workers and state agencies across the country.
Some analysts expect that, going forward, China’s domestic champion Huawei is likely to challenge Apple’s dominance in the market for smartphones.
Apple’s stock has risen 26% over the last 12 months to trade at $178.85 U.S. per share.
