Nokia Losing Wealthy Chinese Customers To Apple [Headlines]
Nokia once controlled more than half of the upper middle class market in China. In less than three years, it has dropped to 10 percent.
While Nokia, the former leading manufacturer in China, is in heavy weather, Apple is booming in the same market. The difference, according to market analyst Shaun Rein in CNBC? Nokia lost the wealthy Chinese, where Apple is winning them. Shaun Rein says:
My firm’s research suggests that Nokia controls only 10 percent of the market for upper middle class and wealthy Chinese, down from more than 50 percent as little as three years ago. Similar to western firms such as Best Buy and Home Depot that have retreated from the market, Nokia did not pay enough attention to local consumer needs.