Samsung is worried about decreasing consumer demand globally

Executive Chairman of Samsung Electronics, Lee Jae-Yong, had a meeting with the leaders of all the departments of the company on the first business day of the new year, and he asked them to urgently come up with an emergency plan to cope with the growing uncertainties in the global economy, reports South Korean news publication Pulse.

The meeting, which took place on January 2, 2023, included presidents of Samsung Electronics, Samsung C&T Corp, and Samsung Life Insurance. Reportedly, the company's top officials discussed various measures to manage the softening consumer demand worldwide in a market suffering from high interest rates and inflation.

Every new year, Samsung Boss visits the company's business sites to encourage employees and boost their morale or to inaugurate new projects. This new year, however, Lee spent his time meeting with the heads of all the departments about the decreasing consumer demand, and it shows how concerned Samsung is about the global issue.

Samsung expects low revenues from all businesses this year

Samsung's concern about the downturn in the global economy, however, is totally justifiable considering recent projections, which show that this year the company will not only see a significant drop in the revenue and the operating profit from its semiconductor business but also from the smartphone business due to decreasing consumer demand.

While 2023 is already looking like a bad year for Samsung, analysts predict that the chip market will take turnaround next year, which means that 2024 could be much better for the South Korean tech giant. Fortunately, the business was good for Samsung in 2022, and the company is passing on the benefits to its employees with fat paychecks.