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China’s Singles’ Day Shopping Festival has sparked a smartphone price war as major sellers seek to stimulate demand in a weak market

Xiaomi, the largest smartphone seller in China in the same quarter, slashed prices of up to 1,000 yuan on certain phone models as part of the Singles’ Day campaign.

Apple, which IDC ranked as the fourth seller in China last quarter, offered rare discounts from the end of October. The American tech giant offered discount coupons worth up to 550 yuan on some new models such as the iPhone 14 in its online store at financeAnd discounts of up to 800 yuan on iPhone 13 in his store on JD.com. Tmall is powered by Alibaba Holding Groupowner of the South China Morning Post.

Honor, Xiaomi, Apple and Huawei crossed 100 million yuan in transactions, just seconds after JD.com began its pre-sale campaign for Singles’ Day on October 31, according to data from the Beijing-based company. E-Commerce giant.

Shoppers walk past an advertisement for this year's Singles' Day retail extravaganza at a shopping mall in Beijing on November 9, 2022. Photo: AP

Shoppers walk past an advertisement for this year’s Singles’ Day retail extravaganza at a shopping mall in Beijing on November 9, 2022. Photo: AP

Aside from vendor discounts, local government subsidies also help provide more attractive deals to consumers during Singles’ Day.

“Promotions are expected to be particularly attractive to consumers who are waiting for good deals,” said IDC’s Wong. He noted that the country’s cloudy economic outlook and Covid-19 zero policy will likely make consumers think twice before shopping during Singles’ Day, as they may decide to shift their spending to groceries and other items.

IDC data showed that 71.1 million smartphones were shipped in China in the third quarter, down 11.9% year on year. She added that this decline was narrower than the previous two quarters.

Smartphone shipments for the third quarter in mainland China reached 70 million units, down 11% from last yearAccording to data released in October by research firm Canalys.

A report by Counterpoint Research in the same month showed that smartphone sales in China fell 12.4 percent in the third quarter, as economic growth and consumption in the country remained sluggish.

“Smartphone brands brace for a more active fourth quarter with more new offerings,” said Counterpoint’s report. “This will lift the market … and help it post a lower year-over-year decline in the fourth quarter.”