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The International Data Corporation (IDC), in a statement released September 1 and citing its Quarterly Mobile Phone Tracker, said the Philippine market’s decline slowed to a 2.1% year over year (YoY) contraction and 20% quarter over quarter (QoQ) growth, bringing in 4.2 million units in the second quarter of 2023.
It added that though the smartphone market has slowed, the existing situation is seen as “is “better than the double-digit contractions in the past two quarters.” IDC added this was the least that the market has contracted in the past eight quarters.
“Though inflation in the Philippines is slowing down and on the mend, consumer appetite for spending remained cautious in the face of higher prices of goods and economic uncertainty, resulting in eight consecutive quarters of annual contraction,” says Angela Medez, client devices senior market analyst at IDC Philippines.
According to the report, Transsion, with its sub-brand Tecno, accounted for 38% of total shipments in the second quarter of 2023, holding as the leader for two consecutive quarters.
The Tecno sub-brand, meanwhile, grew 145% quarter over quarter and and 237% year over year. IDC attributed Tecno’s bump-ups to “increased channel coverage throughout the country and multiple model launches, led by its Spark 10 series.” This led its sub-$100 smartphones to more than triple in growth both quarterly and annually. – Rappler.com