China's smart consumer goods market shows high-end trend

By Yang Yang | chinadaily.com.cn | Updated: 2023-08-02 11:19

Honor's first foldable smartphone Magic V on display at a shop in Shanghai. [Photo by Wang Gang/For China Daily]

China's smart consumer goods market showed a high-end trend in the first half of this year, Economic Information Daily reported on Wednesday.

In the second quarter, China's smartphone market shipment reached to about 65.7 million units, and the number for the first half of this year was 130 million units, according to the latest smartphone market consumption data released by International Data Corporation.

High-end mobile phones above $600 performed strongly in the Chinese market, with its market share reaching 23.1 percent in the second quarter, an increase of 3.1 percentage points compared with the same period in 2022.

The top 3 smart phone brands in terms of market share were all domestic brands in the second quarter.

Oppo grabbed the first place with a market share of 17.7 percent, followed by Vivo, Honor and Apple with market shares of 17.2, 16.4 and 15.3 percent, respectively.

According to market consultancy Counterpoint Research, sales of high-end smartphones in China grew at a compound annual rate of 9.8 percent from 2017 to 2022, indicating the consumer demand for high-end mobile phones is gradually increasing in China.

Since the beginning of this year, the growing demand for smart consumer goods in China has driven the added value of smart consumer equipment manufacturing related industries to increase by 12 percent.

During the same period, the production of various types of virtual reality equipment increased by 58 percent year-on-year.

The pace of electronic products' upgrades has accelerated significantly, with the continuous development and release of new technologies such as artificial intelligence, big data and mobile Internet.

From color TVs and computers to wireless headsets and VR glasses, innovative products are emerging one after another with new highlights of consumption.

The market demand for emerging electronic products is rising with high-end products being favored as the size of China's middle-income groups continues to expand.