Waning demand for Apple's iPhone 13s points to consumer caution

Apple just offered a new reason to be worried about the state of the consumer. The company is telling suppliers of waning demand for its iPhone 13. The warning suggests shoppers have either satiated their appetite for new stuff or are uneasy about extravagant purchases in a world of soaring prices and a pandemic that refuses to go away. Throw in the new omicron mutation, and it’s a heady mix for shoppers.

Whatever the reason, consumer caution leaves economies facing the new virus threat with less support from goods spending — a reversal from earlier in the pandemic. 

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