Tim Cook’s latest business trip to China took place in the context of declining iPhone sales here. Apple has also just opened the world’s second largest Apple Store in Jing’an district, Shanghai. According to local media, this store is second only to the Apple Store on Fifth Avenue, New York.
On March 20, Cook wrote on Weibo “Hello Shanghai” by Chinese. He also expressed his joy at returning to the city and revealed that he spent the whole morning enjoying a traditional indigenous breakfast, including xiao long bao and soy milk. He also took a selfie by the famous Shanghai Bund with actor Zheng Kai.
In Shanghai, China’s financial center, Apple now has eight stores, the most of any city in the country. There are currently 47 Apple Stores in 24 cities across mainland China.
Apple CEO Tim Cook shakes hands with customers at the opening ceremony of a new retail store in Shanghai on March 21. (Photo: Weibo)
The new store comes as Apple tries to fend off competitors and revive sales in a volatile market with growing headwinds, from economic recession to geopolitical tensions and rising nationalist sentiment.
In 2023, Apple took the No. 1 position in the Chinese smartphone market for the first time, with a record market share of 17.3%, according to IDC Research. However, in the first six weeks of 2024, iPhone sales in the country dropped 24% from a year ago, according to Counterpoint Research. Apple’s market share lagged behind Vivo, Huawei and Honor in the same period, while rival Huawei’s sales increased 64%.
Cook’s visit marks his third to China in a year, underscoring the market’s importance to Apple as its largest foreign market and a key part of its supply chain. manufacture.
“China remains an important market for Apple, especially in the premium segment above $800, where they hold a dominant position,” said Ivan Lam, senior analyst from Counterpoint. Mr. Lam commented, with the revival of Huawei and domestic smartphone brands, Apple is proactively increasing its presence, taking advantage of flagship stores to promote iPhone.