Beijing: Chinese buyers wary about the trade conflict with Washington and the economic downturn find it difficult to buy Apple’s $1,000 iPhone.
The demand for iPhones is declining, mostly in China, CEO Tim Cook informed shareholders on Wednesday. As a result, the tech giant is the most recent multinational business to struggle with Chinese consumers’ concern.
Several brands, like Tiffany & Co. and Ford Motor Company, have already experienced sharp drops in sales to Chinese consumers.
China’s economy is expected to rise by roughly 6.5% in 2018. However, consumer confidence is being undermined by China’s tariff spat with the US and declining purchases of real estate and cars.
Global businesses that rely on China to boost revenue growth, such as luxury fashion and automobiles, are suffering from the spending slump in the world’s second-largest economy.
