Brexit might be a change happening many miles away from you, but the truth of the matter is, it is having varying degrees of effect on different parts of the global economy. Britain being one of the major economic powerhouses of the world, its withdrawal from the European Union was bound to send shockwaves that will reach all corners of the world; albeit some areas will be badly hit than others.
Even without the European political affairs, the smartphone industry already had a thin profit margin and sometimes completely non-existent. Now, add Brexit into the equation, things seem all the more uncertain. With the Pound and the European stock market currently being volatile, smartphone makers are particularly on shaky grounds, and for sure, relatively small (new) companies will not afford to sell at a loss as Britain regains its economic footing.
LG and Samsung Concerns
The smartphone market is already anticipating price hikes as they adjust to the currency fluctuations. Shortly after Brexit decision was clear and final. Leading OEMs in like LG and Samsung spoke separately to the media in South Korea airing their concerns on the …read more