New iPhone? No thanks, say cash-conscious Europeans
Apple's new iPhone 4S failed to create interest in continental Europe, where the company's share of the fast-growing smartphone market slipped.
Research firm Kantar Worldpanel ComTech said yesterday that weakening economies and falling prices of rival smartphones are hurting sales of Apple iPhones across Europe.
"In Great Britain, the US and Australia, Apple's new iPhone continues to fly off the shelves in the run-up to Christmas. However, this trend is far from universal," says Dominic Sunnebo, global consumer insight director.
Euro-zone GDP grew just 0.2% in the third quarter, and most economists expect it to contract in the fourth quarter and also in the first three months of next year, sending the bloc back into recession after its two-year recovery from the worst global financial crisis since the 1930s.
European consumers are keeping a lid on their expenses as government spending cuts and job losses deprive companies of demand for goods and crush exports.