Several years ago, younger people and adults would be clamouring to get their hands on the latest iPhone or Samsung Galaxy device. Even if their current handheld was more than capable of carrying out the same tasks.
Times have changed. Samsung’s operating profits were down by 60% year-on-year whilst Apple has been forced to slash iPhone sales forecasts, blaming a slowdown in China.
In fact, the Chinese handheld market sales dropped by 20%, the lowest mobile phone sales completed in the past six years. Read more.
The latest mobile folding phones have starting prices of around £1,900. It is becoming clear that younger people are beginning to rethink their own budgets and deciding if a brand new phone is really worth the costs.
Young People are Prioritising other Purchases and Investments
Millennials are recognised as the top smartphone users when it comes to owning one and using it too.
However, as this current generation begins to get older, their financial priorities are beginning to shift. Uncertain property markets have begun to encourage first-time buyers to purchase their home. Click here.
Furthermore, younger adults who are graduating and looking for jobs will already begin to think about paying off their students loans, rather than add more debt to their current financial situation.
It’s becoming clear that mobile manufacturers are becoming victims of their own success.
A lack of innovation has left prospective mobile buyers questioning whether a slightly faster processor and a better camera really is worth such a big investment compared to what they currently have. Mobile phones lack innovation.
The future of the mobile market isn’t exactly under threat, not by a long shot, but it’s certainly looking more likely for even the most popular phone brands to experience stagnating sales in the near future.
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