Samsung Galaxy S20 sales figures are at about 60% of those recorded by the Galaxy S10 in its first few weeks on the market, reports Seoul Economic Daily.
Samsung reportedly revealed the poor sales during a conference call with a variety of large Korean securities companies.
“Samsung Electronics’ official announcement will come during the first and fourth-quarter results, but the current sales volume of the S20 is 60%… or even worse,” said one unnamed analyst.
“The figures can get worse as they come out.”
The poor performance has been attributed to a combination of the COVID-19 pandemic’s effect on spending patterns, as well as the high price of these new smartphones.
However, while high prices may play a part in the poor performance of the flagship smartphone range, it is expected that Samsung’s full range of smartphones – from entry-level to flagship – will suffer poor sales performance.
This is because many customers globally are stuck at home in lockdown or are being encouraged to minimise their social interactions.
Smartphone sales suffer biggest drop ever
The news of the Galaxy S20’s poor performance is in line with a recent report by Strategy Analytics, which showed that the smartphone industry has suffered its biggest drop in shipments in the history of the market.
While February 2019 saw shipments of 99.2 million units, only 61.8 million smartphones were sold in February 2020.
Shipments in February 2020 were down 39% when compared to January 2020.
“Supply and demand of smartphones plunged in China, slumped across Asia, and slowed in the rest of the world. It is a period the smartphone industry will want to forget,” said Strategy Analytics Executive Director Neil Mawston.
Director at Strategy Analytics Linda Sui said that the effects of the pandemic were most noticeable in the Asian market.
“Smartphone demand collapsed in Asia last month due to the COVID-19 outbreak, and this dragged down shipments across the world,” said Sui.
“Some Asian factories were unable to manufacture smartphones, while many consumers were unable or unwilling to visit retail stores and buy new devices.”