Smartphones have started to show signs of bouncing back, however, as the iPhone 17 and 17 Pro got off to a fast start in September and carried on with 29% year-on-year China sales growth in the first two weeks of October, according to Counterpoint Research.

“There are a lot of moving parts working in Apple’s favor, including a Mid-Autumn festival pushed back into October, an 11.11 sales period pushed forward, and Covid upgrade cycles hitting – it’s a perfect storm,” said Counterpoint analyst Ivan Lam.