Xiaomi Remarkable Smartphone Sales: Xiaomi’s recent achievement of selling over 1 million units of its latest flagship smartphone within a week of its launch is seen as a positive sign that China’s phone market may be on the road to recovery. The Chinese smartphone market has been grappling with declining demand, exacerbated by the COVID-19 pandemic and a slow economic rebound, causing consumers to delay their phone upgrades. Xiaomi’s CEO, Lei Jun, announced on Weibo that the Mi 14 series had exceeded 1 million unit sales and that the phones were still in short supply.
The Mi 14 series, which hit the Chinese market on October 31, features Qualcomm’s advanced Snapdragon 8 Gen 3 processor and Xiaomi’s proprietary HyperOS software. This strong launch has led analysts, like Will Wong from industry research firm IDC, to believe that it signifies a potential market bottoming out.
This news follows a significant surge in sales for Huawei’s Mate 60 series phones, marking a comeback for the company after facing U.S. export controls in 2019. IDC predicts that the Chinese market is set to achieve year-on-year sales growth in the fourth quarter, breaking a streak of ten consecutive quarters of decline, although the exact level of growth remains unspecified.
U.S. chip designer Qualcomm has also reported robust demand from smartphone companies, particularly in China. Xiaomi’s Mi 14 series, priced between 3,999 yuan and 6,499 yuan ($550-$890), reflects the company’s ambition to expand its presence in the premium smartphone market, competing with industry giants like Apple and Huawei. This upturn in smartphone sales offers a glimmer of hope for the Chinese phone market’s resurgence.