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With the slashing of a million jobs and a rise in inflation, consumers aren't keen on investing a lot of money in new smartphones.
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The International Data Corporation has the most recent numbers on worldwide smartphone sales for the fourth quarter of 2022. It's an absolute catastrophe.
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Shipments fell 18.3 percent yearly, the highest decrease in just one quarter, pushing the year to an 11.3 percent decrease.
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With total shipments of 1.21 billion smartphones for the entire year, IDC claims this is the lowest total annual shipment since 2013.
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In the top five of Q4 2022 in order, they included Apple, Samsung, Xiaomi, Oppo, and Vivo was not the most affected.
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Apple experienced a decline year-over-year of 14.9 percent in Q4 2022, Samsung was down 15.6 percent, and the biggest loss was Xiaomi was down 26.5 percent.