Samsung expects teenage iPhone users to switch to Galaxy foldable smartphones

Samsung Electronics Mobile Experience Division President Roh Tae-moon speaks during a press conference at the company's building in Seoul, Friday. Courtesy of Samsung Electronics

Tech giant aims to sell 15 million foldable smartphones in 2023

By Park Jae-hyuk

Samsung Electronics remains optimistic that its newly launched foldable smartphones will win over young consumers, who have tended to show a stronger preference for Apple's iPhones, according to the head of the Korean firm's mobile device business, Friday.

The outlook came after a recent survey showed that Korean smartphone users aged under 30 preferred iPhone over Galaxy and some news outlets reported that teenage users of Samsung's smartphones are ostracized by peers at school.

“The recently unveiled Galaxy Z Flip 5 is the product that can especially appeal to young consumers,” Samsung Electronics President Roh Tae-moon said during a press conference held two days after the Galaxy Unpacked event in Seoul. “After analyzing functions and apps used most frequently by young consumers, we will accelerate our efforts to optimize such functions.”

Customers try out Samsung Electronics' new foldable smartphones at the company's flagship store in Gangnam, southeastern Seoul, Thursday. Yonhap

He emphasized that the Galaxy Z Fold 5 and the Z Flip 5 have received favorable reviews from journalists and tech influencers worldwide since the company unveiled the products on Wednesday.

Based on the popularity, Samsung expects the growth of its foldable smartphone sales this year to be similar to that of the entire global foldable smartphone sales, despite recent difficulties in the smartphone market stirred by an uncertain macroeconomic outlook.

“We almost achieved our 2022 goal of selling 10 million foldable smartphones,” Roh said.

Considering that global market researchers ― TrendForce and Counterpoint ― respectively forecast the global foldable smartphone market will grow 55 percent and 42 percent year-on-year, Samsung's sales target this year is estimated at around 15 million.

Multiple market research institutes expect the accumulated global sales of entire foldable smartphones to exceed 100 million devices within the next five years.

“The accumulated global sales of our foldable smartphones will likely exceed 30 million devices in 2023,” Roh said. “As the foldable smartphone sector's leader having the most advanced technologies, we will maintain our status as the major player.”

Regarding the lack of a dustproof function in the new foldable smartphones, he said the function would someday be enabled.

He also said advice from Samsung's marketing team employees led the company to decide to hold the Galaxy Unpacked event for the first time on home turf rather than in a major city overseas as per previous events.