Quick 11/11 Follow-up
As we have noted previously results from China’s 11/11 shopping holiday were tepid at best for the CE space, with some categories seeing considerable declines on a y/y basis. Data from Strategy Analytics concerning smartphone sales during the holiday paint a bleak picture, with ~9m units sold, down ~35% y/y and lower than the 9.6m units sold in 2020. On the ‘almost’ positive side, the retail value of those sales was up 10% y/y as the mix of higher-end devices was better than last year, but the overall value of smartphone sales during the holiday was down ~29% to $5.28b US. Apple (AAPL) was the winner in terms of both unit volume and dollar value, selling 3.5m units, down ~27%, staying ahead of the overall market, and generated ~$3.5b in sales (~$1,000 avg. price), garnering a 39% share of units and a 68% share of revenue. Xiaomi took 2nd place, selling ~2.8m units and generating ~$670m, while Honor (see above) generated a roughly 8% volume share, up slightly y/y. TV sales during the shopping holiday were also rumored to have been weak this year but we have yet to see quantifiable data.
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