Economic challenges cause smartphone decline to Nigeria, others

Smartphone shipments to the Middle East and Africa region fell by 7.8 per cent year-on-year to 38 million units in the second quarter of 2022.

This is according to a report by Counterpoint’s Market Monitor Service. The report revealed that worsening macro headwinds on the economic and geopolitical fronts undermined consumer demand as well as brands’ enthusiasm to expand their footprint across the region.

Commenting, Senior Analyst,  Yang Wang said, “The biggest drag on the market was, unsurprisingly, macro issues. Inflation induced by food and fuel shortages dampened consumer demand while declining domestic currencies against the US dollar reduced the purchasing power of consumers.”

The report also disclosed that some governments in the region also imposed food export bans, or ‘non-essential’ goods import bans to stem the outflow of foreign currency reserves. It also added that taxes on electronics products were also increased.

The report read, “Given the pessimistic global macro sentiment, we also saw some brands becoming cautious about activities in the region. Difficulties elsewhere meant that brands were under pressure to streamline budgets and activities, which were redirected to more strategic markets and regions.

“This meant that incentives to push brand penetration in MEA were scaled back, which in turn forced distributors and resellers to raise prices to defend their margins. These headwinds led to declining shipments for many original equipment manufacturers.”

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