{"id":46835,"date":"2023-10-03T16:08:32","date_gmt":"2023-10-03T20:08:32","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/apples-iphone-15-debut-dimmed-by-consumer-risk-in-u-s-china\/"},"modified":"2024-04-24T14:24:32","modified_gmt":"2024-04-24T18:24:32","slug":"apples-iphone-15-debut-dimmed-by-consumer-risk-in-u-s-china","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/trading\/apples-iphone-15-debut-dimmed-by-consumer-risk-in-u-s-china\/","title":{"rendered":"Apple\u2019s iPhone 15 debut dimmed by consumer risk in U.S., China"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c6c00aede6]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c00aede6'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8 bbg-column--valign-bottom\"\n    style=\"\"\n    >\n    <p>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">Apple\u2019s iPhone 15 debut dimmed by consumer risk in U.S., China<\/h1>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c00b52c4'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer\"\n        style=\"height: 40px !important\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg byline\"\n\t\t>\n\t<p><strong>Functions for the Market<\/strong><\/p>\n\n<\/div>\n    <p class=\"bbg-metadata bbg-metadata--date\">October 3, 2023<\/p>\n<\/p>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c00b7c81'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><i><span style=\"font-weight: 400\">Bloomberg Market Specialist Soujit Ghosh and Ross Etwell contributed to this article. The original version appeared first on the Bloomberg Terminal. <\/span><\/i><\/p>\n<h2>Background<\/h2>\n<p>Apple Inc.\u2019s flagging rally will be put to the test again as its new product launches face wilting U.S. consumption and Chinese regulatory curbs.<\/p>\n<p>Early signs of U.S. consumer transaction data compiled by Bloomberg show Apple\u2019s observed sales remain anemic for the current quarter, with analysts forecasting iPhone revenue growth to fall below zero over the next couple of quarters. Bloomberg Intelligence, meanwhile, says Apple\u2019s overexposure to China for manufacturing is a concern amid rising geopolitical tensions.<\/p>\n\n<\/div>\n<div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground:rgba(0,0,0,0);\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:inherit;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Explore tools to generate your next idea<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Learn more<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_175445267044619517\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/asset-management\/analyst\/\"\n        target=\"_blank\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>The issue<\/h2>\n<p>Growth is slowing for Apple in multiple metrics. Observed sales \u2014 the total value of observed monthly transactions in U.S. dollars \u2014 saw August growth below 5% versus a year ago. Growth also slowed for observed transactions growth and observed customers growth. While Apple\u2019s U.S. consumer sales growth in August was higher year-over-year than in July, the company\u2019s sales growth rate was below levels seen between February and June. Apple\u2019s observed transactions growth extended its down trend along with a slowing in observed customers growth.<\/p>\n<p>Apple shares have fallen 11% from a record high in July after the company reported a third-straight quarter of declining sales in early August. China remains a critical market for Apple, with sales from greater China having tripled since 2012.<\/p>\n<p>Meanwhile, Chinese regulators <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-07\/china-plans-to-expand-iphone-ban-to-some-state-backed-firms-in-blow-to-apple\">expanded a ban on iPhone use<\/a> across government-backed agencies and state companies. Still, BI doesn&#8217;t expect the Chinese ban to have a noticeable impact on sales, calling it an extension of similar restrictions on PC sales and the use of U.S.-made software.<\/p>\n<p>A larger concern is the company\u2019s manufacturing footprint. \u201cApple\u2019s overexposure to China for manufacturing and any disruptions due to either parts shortages or geopolitical issues could seriously hinder its ability to fulfill orders,\u201d Anurag Rana, BI\u2019s senior tech analyst, wrote in August.<\/p>\n<p>Apple suppliers have more than 19% of their facilities in China, second only to the U.S., with about 18% of its suppliers headquartered in the Chinese mainland.<\/p>\n<p>Apple\u2019s iPhone sales are forecast to see year-on-year declines over the next couple of quarters, while Samsung Electronics Co. and Xiaomi Corp. are predicted to see double-digit growth in handset sales. In Japan, Alphabet Inc.\u2019s Google Pixel is <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-28\/iphones-sales-in-japan-take-pixel-hit-as-price-sensitivity-rises\">eroding the iPhone\u2019s dominance<\/a>, as the Apple device\u2019s market share has dropped to 46% in the June quarter, a 12-percentage-point decline from the same period last year.<\/p>\n<p>That said, there are indications of <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-09-25\/apple-s-cheapest-iphone-surges-in-popularity-after-upgrades\">renewed consumer interest<\/a> in certain new iPhones. Wait times for the basic model are nearly twice as long as for its predecessor, while pre-order wait times for the premium iPhone 15 Pro Max set a record.<\/p>\n<p>Apple is positioning itself as a premium smartphone, with a $100 price increase on the iPhone 15 Pro Max (up 9%) announced at Apple\u2019s Sept. 12 product launch event.<\/p>\n<h2>Tracking<\/h2>\n<p>Use Bloomberg\u2019s new ALTD function for intra-quarter insights on demand using consumer transaction and foot traffic data. Run SPLC, KPIC and MODL to analyze fundamentals.<\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:1024px\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"523\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png\" class=\"bbg-single-image__image attachment-large\" alt=\"\" title=\"alternative-data\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png 600w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/10\/alternative-data.png 916w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><em>For more information on this or other functionality on the Bloomberg Professional Service, click here to request a demo with a Bloomberg sales representative. Existing clients can press &lt;HELP HELP&gt; on their Bloomberg keyboard.<\/em><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <style>section[data-anchor=row-6a0c6c00c1ef7]::before {\n\t\t\t\tbackground-color: #eeeeee;\n\t\t\t}<\/style>\n    <section class=\"bbg-row bg--custom-color  bg--eeeeee text--black bbg-row--full-bg-bleed\" data-anchor='row-6a0c6c00c1ef7'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2>Recommended for you<\/h2>\n\n<\/div>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 24px !important\"\n    >\n<\/div><script>\n    window.feed = window.feed || {};\n    window.feed['6a0c6c00c48a9'] = 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Now, let us do that for you.<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_856776278500747472\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/request-demo\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Apple Inc.\u2019s flagging rally will be put to the test again as its new product launches face wilting U.S. consumption and Chinese regulatory curbs.<\/p>\n","protected":false},"author":1820,"featured_media":44433,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"3447","footnotes":""},"categories":[457,453,444],"tags":[857,776],"series":[],"class_list":["post-46835","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-trading","tag-857","tag-analyst","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Apple\u2019s iPhone 15 debut dimmed by consumer risk in U.S., China | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Apple Inc.\u2019s flagging rally will be put to the test again as its new product launches face wilting U.S. consumption and Chinese regulatory curbs.\" \/>\n<meta name=\"robots\" content=\"index, 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