全球消费电子：支出意愿分化中显现局部亮点；苹果持续保持品牌领导地位

研报英文原文证据摘录

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15 Sep 2026 17:24:01 ET │ 33 pages

Global Consumer Electronics

Pockets of Strength Amidst Mixed Spending Intentions; AAPL

Maintaining Brand Leadership

CITI'S TAKE

We collaborated with Citi’s Research Innovation Lab to survey 4,000+

global consumers ahead of the back-to-school season to explore how

purchase behavior and spending intentions for consumer electronics have

evolved.

Mixed Purchase Intentions in APAC; US/UK More Resilient — Our latest consumer

survey showed softer purchase intentions across APAC. In contrast, UK and US

demand was more resilient. Gaming-related products stood out positively in both

markets, alongside trackers/smartwatches, while the US also saw strong interest in

AR/VR headsets, likely supported by new gaming hardware launches ahead of

GTA6’s expected release in November 2026.

Smartphone — Survey results indicate a more favorable smartphone upgrade

environment, with respondents across all regions expecting to replace devices faster

than in prior cycles, shortening holding periods to 2.1-2.7 years versus 2.9-4.3 years

previously. This trend may be partly driven by demand for AI-enabled devices,

particularly among owners of older iPhones seeking access to Apple Intelligence.

While spending intentions vary by market, Apple’s purchase consideration

generally exceeds current ownership levels, supporting share gains. Foldables

represent a compelling premium opportunity, with the strong interest in the US+UK,

while AI-phone demand appears strongest in China+US. Apple Services’

penetration grew, demonstrating growing ecosystem engagement.

PCs/Tablets — While Windows remains dominant, purchase intentions point to

Mac share gains across all regions along with strong interest in AI PCs, particularly

in China and the US, positive for leading PC OEMs including Lenovo, DELL, AAPL

and HPQ. Tablet preferences remain relatively stable with iPad dominating, though

Samsung, Google, Xiaomi, and Huawei are gaining consideration in select markets.

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Asiya Merchant, CFA AC

Atif Malik

Ronald Josey

Kyna Wong

Steven Zaccone, CFA

Veronika Dubajova

Michael Cadiz

Elizabeth Sun, CFA

Wearables and AR/VR Headsets — AR/VR headset purchase intent appears

…