“According to the latest Kantar Worldpanel report, Apple didn’t just consolidate its smartphone leadership in urban China last quarter, growing its share to 26.1% from 17.9%,” Philip Elmer-DeWitt reports for Fortune.
“It also reached beyond the growing middle class that represents the bulk of Apple’s sales in China,” P.E.D. reports. “In the first quarter of 2015, according to Kantar’s Tamsin Timpson, ‘Apple represented 25% of smartphone sales in urban China’s 2,000 to 4,000 RMBs income bracket — a 10.1 percentage point increase from the same period in 2014.”
P.E.D. reports, “A 2,000 to 4,000 RMBs income bracket works out, in U.S. dollars, to somewhere between $322 and $644 [per month].”
Read more in the full article here.
MacDailyNews Take: Aspirational brands aspire to be Apple.
Note: McKinsey’s definition of middle class in China is households earning from 60,000 – 229,000 RMBs annually.
[Thanks to MacDailyNews Reader “Bill” for the heads up.]