Apple sales in China in the first 6 weeks of 2024 has declined around 20% YoY. The sales of smartphones has reduced around 7% in China, and Apple is seeing more competition from Huawei. 

The owners of about 125 million out of 215 million iPhones in China have not upgraded to newer devices in the last 3 yrs!

🇧🇷🇺🇸-  Book: Making Things Think: https://holloway.com/mtt. Investor in Wander, Carry, Footprint, Merkle Manufactory (Farcaster), Dynamic, Paragraph.

If you delve into the post-COVID economy of China, you'll notice a significant decline in consumer spending among Chinese citizens. This trend suggests a looming middle-income trap in China. Living in Hong Kong, I've observed a notable decrease in spending by mainland Chinese tourists compared to pre-pandemic levels.