According to a recent survey, iPhone sales in continental Europe have taken a hit as cash strapped consumers seem to be turning to cheaper phones, or delaying their upgrades altogether. So, credit rating downgrades translate into no gadget upgrades.

Sales in the US, UK and Australia are still strong and Apple is managing to increase its smartphone share. However, things are looking quite bad in Euroland. Over the past three months Apple’s share in France slipped from 29 to 20 percent, Germany followed with a decline to 22 from 27 percent and the situation is similar in Spain and Italy. No bunga bunga for Apple this Christmas.

Research outfit Kantar Worldpanel ComTech attributes the trend to economic concerns and the availability of much cheaper smartphones. Android phones command a 46 to 61 percent market share in European markets, with Germany leading the way with 61 percent.

Curiously, Germans haven’t been nearly as affected by the economic downturn as the rest of Europe. So apart from knowing how to govern themselves and manage their businesses, Germans also know how to handle money, which explains a lot.

More here.