Consumers are splurging on premium smartphones amid tough economic conditions, report says

Amid the declining smartphone market, premium devices are having their moment. These pricy devices made up more than half of the worldwide smartphone market’s revenue, according to a report from Counterpoint.
The analytics company’s report says that premium devices (with a wholesale value of $600 or more) grew by 1% year-on-year in terms of shipment and captured 55% in terms of revenue. This is significant given the smartphone market showed a dip of 11% year-on-year for 2022 due to tough economic conditions.
There is no prize for guessing the absolute winner of this market: Apple.

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