Apple's woes go far beyond the slowdown in the Chinese economy

Higher price tags, competition, cultural differences and saturation in the west have led to longer replacement cycles

Apple's cut in its sales forecast was blamed almost entirely on the economic slowdown in China, but the real picture is probably far more complex, with high prices, cultural differences, fierce competition and consumers keeping their phones for longer all causing problems.

Its chief executive, Tim Cook, said falling sales of iPhone, iPads and computers were primarily due to the "magnitude of the economic deceleration, particularly in greater China".